Economy and jobs

“Ramdev baba owned Ruchi soya company’s debt of ₹2,212 crores was waived off”

FACTLY says: According to the RBI report, Ruchi soya’s debt of ₹2,212 crores were technically written off, which means, the lending banks clean up the bad loans from their balance sheet. However, the loan account still stays to cont…

“Zachary Neagle, the boy who hacked a bank and transferred 74 billion to his father`s account !!(IMAGE)”

“Tudor Dixon’s dangerous budget plan could slash up to $500 million from state police across Michigan, threatening funding for thousands of law enforcement jobs.”

FactCheck.org says: Dixon’s campaign website says she believes in “fully funding law enforcement” and she vows to “never reduce funding for law enforcement agencies or public safety initiatives.”

“Comparison of GST rates of certain goods with that of their pre-GST tax rates”

FACTLY says: Before the introduction of GST, the taxes were not uniform across all the states. State VAT used to vary from state to state. Thus, comparing the current GST rates with that of a purported uniform pre-GST tax rates is n…

“The cancellation of the Keystone XL pipeline by Joe Biden “killed hundreds of jobs, sent gas prices way up.”

“While Americans are paying record high prices at the pump, this administration decides to give our oil to the EU and China.”

PolitiFact says: Reserve oil is sold to the highest bidder, by law. The oil market operates on a global level; lower prices are the results of changes to supply and demand on a global basis, not just in the U.S.

“No more dollar transactions in international settlements, as RBI introduced rupee settlement mechanism”

FACTLY says: RBI through a notification has asked the authorised banks to setup an additional mechanism to settle international trade in rupees. However, the existing mechanism of settling trade in dollar/other currency is still in …

“‘Only gas prices have increased, not the cylinder price.’- Sambit Patra”

FACTLY says: There is no evidence of Sambit Patra making this statement. The post has an edited image and it uses a famous breaking news template available on the internet

“The “average federal income tax” paid by the richest Americans is “8%. … If you’re a cop, a teacher, a firefighter, union worker, you probably pay two to three times that.”

PolitiFact says: The 8% figure is a lowball estimate that uses a hypothetical calculation. And Biden’s statement ignores that most of the middle-income households he’s referring to pay tax rates of between zero and 15%.

“Claim: Annamalai not made this statement gas price hike”

“The Biden administration is making Americans pay high gas prices to push the “new liberal world order.”

FactCheck.org says: “Liberal world order” is a decades-old term referring to a system of global cooperation.

“The RNC is “a $200 million economic infusion into our communities.”

“The cost of a Fourth of July cookout in 2022 increased by 67.2% because of inflation.”

PolitiFact says: Haley’s staffers quickly deleted the tweet once they realized that a series of six percentage increases can’t be simply added together to yield a total percentage increase.

“Gas prices are skyrocketing because of D.C. bureaucrats' war on American energy production.”

FactCheck.org says: Experts told us the COVID-19 pandemic caused a global supply-demand imbalance that increased the price of crude oil and gasoline, prices that climbed higher after Russia invaded Ukraine in late February.

“North Indians protest against giving jobs to local Tamil workers in Gobichettipalayam claiming that they are being struggled.”

“$5,000 a year" is "the burden of Joe Biden’s inflation tax on Wisconsin families.”

FactCheck.org says: That's an estimate for how much more a U.S. household, on average, would have to spend for the same basket of goods in 2022, compared with last year, due to inflation. There's no breakdown by various inflation causes.

“Video showing Tirupati Balaji temple being decorated with currency notes instead of flowers”

FACTLY says: The video is from ‘Sri Kanyaka Parameswari Temple’ in Nellore, Andhra Pradesh; not Tirupati Balaji temple which too is in Andhra Pradesh. In October 2021, as part of Dasara celebrations, the temple committee had decorat…

“Coffee and mixture cost Rs. 47 crores in Water and land development project meeting. Is the price of an LED bulb Rs. 10 thousand? Rs 1 crore fraud. We are 40 years ahead of North Indians in the Dravidian model regime. Tamil Nadu will become another No.1 rich state. That’s the reason behind the increase in price.”

“When you have unemployment below 4% and inflation above 4%, recession always follows within two years.”

PolitiFact says: The data Summers based this on did find the likelihood of a recession at 100% under these conditions. However, these conditions almost never occur. They’ve been seen in just a handful of quarters since 1955.

“In every other major industrial country in the world … inflation is higher.”

PolitiFact says: On the one hand, every other major industrialized nation has seen inflation spike well above pre-inflation levels. However, the United States has seen its inflation rate spike higher than its most direct competitors.