As expected, President Obama played fast and loose with the facts at today’s Presidential press conference, here are some of his most egregious whoppers:
  • Easing dependence on foreign Oil? If that was one of the President’s objectives he would allow the exploitation of America’s Oil resources.  Notice Obama said he wants to make sure that alternate forms of energy are the cheaper form of energy.  What he doesn’t tell you is the only way to do that (without using nuclear) is to raise the cost of petroleum products.

  •  More Cow Chip Than Blue Chip. Remember when Obama promised that his assumptions were consistent with what blue-chip forecasters projected. The Blue Chip projection that has been distributed with the CBO projections sees deeper contraction this year than the administration does (1.9 percent versus 1.2 percent). It also projects growth of only 2.1 percent next year (Obama’s projection is 3.2 percent) and less than 3 percent in the next three years, the administration projects over 4%.
  • Funky Math.  Now follow this he blames blames Bush for doubling the deficit, by the end of the next fiscal Obama will have tripled Bush’s deficit.  But, he says he will then halve Bush’s deficit by the end of his first term “even under the most pessimistic estimates. ”  But that’s not true if you use the Non Partisan Congressional Budget Office’s projection.  They project that Obama will have a deficit of $672 billion by the end of 2013 which is about $150 billion above “halving the deficit” (see chart below).
  • Cheating Charity.  The President said that the reduction of the the charitable deduction won’t hurt charities, besides that no the reason people give to charity..It’s not gonna cripple them. Not True.  Why does he think that major charities make some of their strongest fund raising efforts in December?  Its not really for the Christmas Spirit, its to convince people to give one more “tax deduction” before the end of the year. And while people will still give if they are so inclined, they won’t be able to afford to give as much with the lower deduction.