September 30th, 2008
07:40 PM ET
14 years ago

Fact Check: Obama and the 'fundamentals' of the economy

[cnn-photo-caption image= caption="The McCain campaign called Sen. Obama a hypocrite in a web video released Tuesday."]
The Statement: In a Web video released Tuesday, September 30, the McCain campaign points out that Obama attacked McCain after McCain said repeatedly in mid September that the fundamentals of the economy are "strong." The video then uses a clip from an Obama speech in which Obama says, "We've got the long-term fundamentals that will really make sure this economy grows." The narrator says, "Strong fundamentals? Is Obama saying McCain's right? Or is Obama saying his own attacks are shameless? Either way, Obama's a hypocrite."

Get the facts!

The Facts: The clip from Obama comes from a speech he gave in Colorado on Monday, September 29. The full speech as released by the Obama campaign includes continued criticism of McCain's economic policies. That criticism includes Obama repeating his earlier charge that McCain "just doesn't get it - he doesn't get that this crisis on Wall Street hit Main Street a long time ago. That's why his first response to the greatest fiscal meltdown in generations was to say that the 'fundamentals of the economy are strong.'"

Obama's remarks were part of his pitch for his own economic plans including an stimulus package and extending expiring unemployment benefits. "And then after this immediate problem, we've got the long-term fundamentals that will really make sure this economy grows," he said. In the context of Obama's speech, there is no agreement with McCain's original statement on the economy nor does Obama refer to "strong fundamentals" as the narration states.

The Verdict: False. The edited video clip of Obama used in the McCain ad is taken out of context.

Filed under: Candidate Barack Obama • Economy • Fact Check • John McCain
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