Economy and jobs

“… the Commonwealth budget is in worse shape than many of the states' and territories' budgets at this point if you measured them like for like.”

RMIT ABC Fact Check says: Yes, Senator Gallagher is correct, but there's more to it than her claim suggests. There is no single way of assessing the relative strengths of Australia's Commonwealth, state and territory budgets, but on two widely c…

“Conservative commentator Ben Shapiro received about $20,000 in federal loan forgiveness.”

FactCheck.org says: Conservative commentator Ben Shapiro criticized the Biden administration’s decision to forgive some student loan debt, then liberal social media accounts falsely claimed he received forgiveness for a $20,000 PPP loan.

“The numbers speak for themselves: Nearly 90% of student loan debt relief will go to borrowers earning less than $75,000; 85% of the congressional Republicans’ tax cut went to taxpayers earning more than $75,000.”

Washington Post says: This is an apples and oranges comparison between individual and household income

“A claim made on social media in mid-July said that Cambodia owed foreign debt up to more than $15 billion, of which Cambodia owes to China up to 48 percent. Such claims on social media have been shared many times and have received mixed reviews from Facebook users who are speaking Khmer as well.”

“ABS-CBN employed a dubious subsidiary, Big Dipper, to operate like a tax shield to evade the payment of billions of [pesos in] taxes due to the government.”

Vera Files says: During a congressional hearing in 2020, both the Bureau of Internal Revenue and the Philippine Export Processing Zone Authority cleared ABS-CBN of any tax liabilities.

“This is a new claim: 'There’s no new IRS agents, we’re just replacing the ones that leave.” But the existing budget can replace them. These are all new.”

Washington Post says: Years of budget cuts suggest Congress cannot be counted to provide the necessary funding

“Adjusted for inflation, over the last 25 years teachers have made a $29 increase in their salary.”

PolitiFact says: The $29 pay gain is over the course of a week, not the course of the year; the gains over a year amount to $1,508. Still, teacher pay gains trail those for the overall workforce and for college-educated workers.

“The American Rescue Plan “helped create nearly 10 million new jobs.”

PolitiFact says: Economists agree that the American Rescue Plan probably helped boost job creation, but they say it doesn’t deserve credit for all of the 10 million jobs created on Biden’s watch.

“₹96,000 should be paid as GST if the marriage budget is ₹5 lakh”

FACTLY says: No rule/act/law levies GST on marriages in India even if the expenses are ₹5 lakh or more. However, GST is applicable for the Goods and Services used for performing the wedding ceremony

“Labour's share in the GDP [gross domestic product] is at its lowest level; it hasn't been at this point since 1960.”

RMIT ABC Fact Check says: Ms McManus's claim is a fair call. Figures published by the Australian Bureau of Statistics (ABS) show that, since 1959, the compensation of employees as a share of the nation's GDP has never been lower. It's important …

“The Inflation Reduction Act "doubles the size of the IRS, raises your taxes and spends billions on a green energy slush fund.”

PolitiFact says: The law would allow the IRS to hire up to 87,000 employees, but the agency expects to lose 50,000 employees. The law directly levies tax hikes only on very large corporations and high-earning money managers.

“The Democrats' Inflation Reduction Act "will pay down the national debt & fight inflation.”

PolitiFact says: Most estimates project that the measure will have a very limited impact on inflation. What impact it does have will likely take several years to realize, and that’s probably too long to make a dent in today's inflation.

“The prices of all the products sold by Aavin including curd, butter and ghee have been increased. And in the last 4 years, the price of cow feed has increased sharply, but the procurement price of cow’s milk has not been increased from 27.16 per litre which was fixed on 19.8.2019.”

“Says Republican U.S. Sen. Ron Johnson “called climate change ‘bull----’ during a record heatwave” and “raked in over $700k in fossil fuel cash.”

“Gas prices are coming down. They’re down almost a dollar a gallon ... from where they were just a month ago. And, you know, we’re making progress.”

FactCheck.org says: Analysts say the drop in gas prices can mostly be attributed to a decrease in the price of crude oil, which has declined largely because of concerns that the global economy may experience a downturn, reducing oil demand.

“Since the start of my presidency, my economic plan has helped ... achieve zero percent inflation in July.”

FactCheck.org says: But inflation remains elevated. The overall inflation rate for the past 12 months is 8.5% — a point that Biden and the Democrats tend to gloss over.

“The Democratic-sponsored Inflation Reduction Act will wind up "cutting Medicare $280 billion.”

FactCheck.org says: The bill seeks to lower prescription drug costs by allowing Medicare to negotiate some prescription drug prices. The Committee for a Responsible Federal Budget says the bill would lower premiums and out-of-pocket costs.

“The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000.”

Washington Post says: Tax rates have not changed, but distribution tables distribute the impact of corporate tax increases.

“Biden New Initiative Gives Americans Stimulus Loans Up To $40,000.”

FactCheck.org says: The bottom of the webpage said, “This is not a government program nor is it government aid, this is an advertorial for a loan service.”

“Tim Michels pushed for years to raise (Wisconsin’s) gas tax.”