Thursday, July 10, 2008

McCain Lie Watch

I decided that a statement McCain made earlier this week, as reported by Ezra Klein, is in need of amplification.
Every time we cut capital gains taxes, there has been an increase in revenues.

This particular piece of fiscal nonsense is a bugaboo of Bob Somerby. The reason it is a bugaboo is that it is repeated ad nauseum and no one in the press has the gumption to point out that this is just false. McCain's little lie - don't people know when we cut taxes we increase revenue? - is so often repeated it is considered conventional wisdom. That there is abundant research proving the exact opposite (which is common sense; when you get a pay cut, do you earn more money? Neither does the United States government), but it is ignored. This is Somerby's problem with this particular bit of fiction.

I just wanted to show that the Lie Watch is alive and well. And here we have an example that, when all else fails, choose a lie everyone knows is a lie and no one bothers to contradict with the facts. It makes everyone's job - McCain, his spin/spokesfolks, the press - so much easier.

Virtual Tin Cup

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