It’s the Economy: Stupid Fact Check
THE SCRIPT Voice of Mr. McCain: “You, the American workers, are the best in the world. But your economic security has been put at risk by the greed of Wall Street. That’s unacceptable. My opponent’s only solutions are talk and taxes. I’ll reform Wall Street and fix Washington. I’ve taken on tougher guys than this before.” Announcer’s voice: “Change is coming. John McCain.”
ACCURACY According to a 2007 study by the International Labor Organization, workers in Norway are the world’s most productive (when measured on an hourly basis), followed by the United States and France. Mr. Obama has offered detailed proposals on the economy, for stemming the mortgage default crisis and channeling investment into activities that will generate new jobs.
He would raise capital gains taxes as well as income and Social Security taxes on those earning more than $250,000 a year, but the notion that he would also increase taxes on middle-class voters has been repeatedly debunked. Studies have found that Mr. Obama would offer most Americans a tax cut three times the size of what Mr. McCain proposes.
Finally, Mr. McCain’s record has favored deregulation of the financial industry, a factor that analysts say has contributed to the credit crisis, and opposed creation of a government agency to oversee Freddie Mac and Fannie Mae. NYT