Wednesday, November 11, 2015

Misleading Fact Checking

There is an Associated Press story today supposedly "fact checking" the Republican debate. 

Here's an example:  Ben Carson was accused of "wrong facts" when he pointed out that "Every time we raise the minimum wage, the number of jobless people increases."  Then as proof that Carson was wrong they noted that: "When the minimum wage was increased in 1996 and 1997, the unemployment rate fell afterward.'  This is proof of nothing. 

Other factors can lower the unemployment rate -- economic boom, e.g., that overpowers the adverse effects of higher minimum wage laws.  But, more specifically, if massive numbers of folks give up looking for work because of the increase in the minimum wage, that will guarantee that the unemployment rate will fall, even though Carson is 100 percent correct.  The unemployment rate only counts those actively looking for work, not those who have thrown in the towel thanks to misguided policies like minimum wage laws.

Another AP incredulity was Jeb Bush's comment that "We could get to 4 percent growth."  Here's what the AP said to that: "THE FACTS: That's a highly improbable target because of forces in the economy that are beyond the control of the president."  Nonsense.  Even 4 percent is minimalist thinking. The only reason 4 percent seems aggressive is that the Obama Administration can't do better than 2 percent.

Indeed, 6-8 percent growth is achievable, given the technological revolution that we are currently undergoing.  Only a regulatory clampdown can produce the pitiful results that America achieves today.

The AP is a joke.  They are nothing more than an arm of the Democratic Party and their fact checking is nonsense.  The Republican candidates' comments were spot on.  The AP should learn some economics.

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