The Biggest (and Least Discussed) Lie of the Debate
There’s one assertion that has received minimal attention in the after-action coverage of the debate — and it was one of the most blatant lies of the night.
October 4, 2012
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The comment came about two thirds of the way through the conversation. As Romney was riffing on funding education, he pivoted to his talking points on Obama’s support of renewable energy and let this whopper loose:
“And these (clean energy) businesses, many of them have gone out of business, I think about half of them, of the ones have been invested in, have gone out of business.”
The New York Times , one of the few mainstream organizations to follow up on this claim, called Romney’s comment a “gross overstatement.”
Actually, it’s much more offensive than that.
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So let’s narrow Romney’s statement down to the loan guarantee program. Are we getting closer to the truth? No.
The loan guarantee program Romney referenced supported dozens of companies. Of those companies, four recently went bankrupt due to difficult market conditions. But that’s out of 33 companies that received loan guarantees or commitments for loan guarantees. That translates to a 10 percent failure rate representing roughly 2 percent of budgeted funds for the program — a big difference from the 50 percent failure rate that Romney claimed.