Fact-checking 7 claims in Bill Clinton's convention speech

"President Obama started with a much weaker economy than I did. No President - not me or any of my predecessors could have repaired all the damage in just four years."

A review of various economic indicators does show that the economy at the time of President Obama's inauguration was worse than it was just ahead of President Clinton's.

In the fourth quarter of 2008, real gross domestic product decreased at an annual rate of 6.3 percent. In the final three months of 1991, gross domestic product grew .8 percent.

Personal income in December 2008 decreased .2 percent, but in December 1991 it jumped 1 percent.

Unemployment in January 2009 rose from 7.2 percent to 7.6 percent, while in January 1991 it was static at 7.1 percent.

"The Recovery Act saved and created millions of jobs...."

The White House predicted that the stimulus, also known as the American Recovery and Reinvestment Act of 2009, would create 6.8 million jobs by the end of the 2009. The stimulus, however, has not had that kind of impact, according to numerous studies, but "millions" of jobs have been created.

The White House-created Council of Economic Advisers (CEA), created to report to the president on the economy, was tasked with providing a report on the impact of the stimulus. In their last report, CEA estimated that through the middle of 2011, the stimulus increased employment between 2.2 million and 4.2 million jobs. The CEA credits the turnaround followed "quite closely with the Recovery Act."

The CEA notes that jobs were being lost at an average of 784,000 per month in 2009 and the economy gained an average of 166,000 jobs per month in 2011, calling the reversal "the largest on record."

The nonpartisan Congressional Budget Office credits the stimulus with job creation as well. A May 2012 report says the stimulus lowered unemployment between 0.1 and 0.8 percentage points and increased the number of full-time jobs between 0.3 million to 1.9 million just in the first quarter of 2011.

Although the stimulus peaked in 2010, but its effects are likely to be felt through 2012, CBO says, creating 200,000 to 1.3 million jobs in 2012.

"... and cut taxes for 95 percent of the American people."

In the stimulus, $116 billion of the $787 billion was spent on an individual tax cut known as the "Making Work Pay" tax credit. Individuals earning less than $75,000 per year received a $400 tax cut and couples earning less than $150,000 received an $800 reimbursement. The money was added incrementally to each paycheck and was in effect for 2009 and 2010.

Although the "Making Work Pay" tax credit was the most expansive tax credit, only 74 percent of working people benefited from it. Additional tax cuts were also included in the stimulus, including an expansion of the Alternative Minimum Tax, tax cuts for people with children, an increase in the Earned Income Tax Credit and tax incentives to purchase homes and obtain higher education. Seniors also received a $250 dollar payment from the stimulus, bringing the number of people who benefited from the tax cuts to 93 percent, according to the nonpartisan Tax Policy Center.

After the "Making Work Pay" tax cut expired at the end of 2010, it was replaced with a payroll tax cut in 2011 and extended in 2012. It reduces a workers share of Social Security tax contribution from 6.2 percent to 4.2 percent. It also cut employers contribution by 2 percent as well. According to the Congressional Research Service, 159 million workers - or 94 percent of people collecting a paycheck - received the tax cut at an average of $717 per employee.

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[helen123333]

Bottom line - what Democrats said is true and what Republicans said is false. Why cant the media just say that? They are so afraid of being called liberal, they don't do their job.

[b3trask]

This is precisely the type of story that makes CBS news irrelevant.

There are many reasons for Job Growth... and CBS perpetuates the notion that the President has control?

Poppycock!

But of course, what else can we expect from American Media today... it seems they never underestimate the intelligence of the American People. And maybe they are right! The government has used Public Education to dumb down the electorate so they worry more about what drug the starlets on the Jersey Shore are using, than why most of our elected leaders are SELLING their VOTES for FAVORS.

[knucklecheese]

This whole discussion is ridiculous. There are THREE branches of Government. None come under the jurisdiction of the other, all have their own specifically assigned power. Job growth or loss vs. who is in the White House at the time is nothing more than a study in coincidence. Presidents don't pass budgets, Congress does. Presidents can't enact laws without the approval of Congress. The three branches TOGETHER improve things or do damage. Wake up folks.

[veteran999]

PANTS ON FIRE!!!!!

http://www.politifact.com/ohio/statements/2012/jul/20/josh-mandel/josh-mandel-says-obamacare-will-ultimately-be-bigg/


http://www.politifact.com/truth-o-meter/statements/2012/jun/28/rush-limbaugh/health-care-law-not-largest-tax-increase-us-histor/

[yankskeptic]

As the WSJ reports, fact-checking journalists have no credibility and are just cover for biased news reporting.

[erasmus111]

It's truly shocking to see how much RACISM is still going on in America.

[af19833539]

as we ((in the USA)) are engulfed in our xenophobic overly indulgent economic world with a minimal obsession with 'news' ((sound bites)) pursuant to the upcoming Presidential Election --- something that will significantly impact our daily lives --- until the news media become focused on something more important to the minds of it's viewers and readers i.e. the new line up for American Idol or the latest celebrity marriage scandal --- the world is meanwhile focused on the increasing vulnerability of world trade - world terrorism - world hunger - and certainly the failing of the European banks --- we ((in the USA)) retain our anal focus on the price we pay for gasoline --- thinks that if we drill more in the USA we will lower the price of gas --- daaaahhh -- as if the small amount that our TOTAL petroleum reserved could impact the WORLD Market Price --- hence our price --- the the precious commodity --- ------- my thoughts go back to the wonderful cookies baked by my precious Grandmother and the advice she gave me as a child --- that being --- you can only care for - impact- change - what is within your grasp -- and usually no more than your immediate family --- if your life energy is spent outside of caring for - enjoying - nurturing - your family --- then you will have few memories worth keeping --- and life is --- your memories worth

[susanmarie11]

Yes, its all coming from the blacks and latinos......you know, the entitlement groups

[erasmus111]

Well, I'm not surprised that the Republicans are still denying the truth. That was only to be expected.

[rcandrewz]

Meanwhile Slick Willy is the puppet president that abolished The Glass-Stegal Act of 1933 and created the financial crisis we are currently facing.

Our presidents are bought and paid for by the power brokers and the global elite.

The REAL problem is the myth of the Greater Good.

Why must we sacrifice one person for a group of people or one group for another?

Why sacrifice anyone when liberty does away with all necessity of sacrifice?

The entire notion of the Greater Good is nothing but a politically manufactured conflict and is as absurd as the philosophically manufactured one.

[marcie10000]

And who were the sponsors of that Dec, 2000 lame duck legislation? And where is one, in particular, along with his wife , now? Hint - Phil and Wendy Graham.

[af19833539]

If we could all accept ONE REALITY that CANNOT be disputed with ANY data or logic or fact ......

Higher profits (lower taxes) do not create jobs. Demand creates jobs. The only reason a company hires more people is that they have more customers than their current employees can manage. Corporate profits are at record highs without having creating more jobs. How then can people believe that if the "job creators" have even higher profits (lower corprate taxes) they will hire more people. They will not, they have not.

[marychgo]

Net-net, based on dozens of fact-check articles, one generalization seems crystal clear: the Democrats sometimes exaggerate or shade the truth; only the Republicans (including Real_American below) LIE!

[af19833539]

I am NOT anti Mormon --- I found that living amongst Mormons as a minority ((I was white, anglo saxon, and protestant)) --- so i grew up "at the back of the bus" --- but they were very polite when they told me to sit at the back of the bus --- they knew they were right in their religion and you were wrong in your religion --- they are blessed and you are not and that would justify TELLING A LIE when debating a subject whether that was religion of where to go skiing --- Mormons are groomed from the time they are born to "covert" people --- so

[Alasitis]

You must be doing your fact checking at MSNBC. Obama all by himself has accumulated well over 160 documented lies—not to mention the massive list of broken promises, which are well documented at PolitiFact.com. I also recommend http://barackobamafile.com/about-barack-obama/obama-lies/

[johnrf]

As to the claims that Obamacare has lowered health costs. In my personal situation: I am self-employed. Before Obamacare my monthly fee was $650 for a bare bones policy.Thanks to Obamacare I was able to purchase insurance through a pool for $450 saving me $200 a month. Last month I received a check for $650 due to the 80/20 rule in Obamacare. So Obamacare lowered my insurance cost by about 40 percent. And Romney wants to repeal it? I know how I'm voting.

[marychgo]

Tell your story to everyone you know, John! This is ANOTHER of the many things the Republicans are LYING about!

[Constitution-Job-One]

There are no pools currently running liar.