Did Target experience a significant drop in their stock value as a result of their transgender bathroom policy?
On 28 February 2017, Breitbart.com reported that big box retailer Target's stock had "crashed," losing a combined total of $15 billion in investor wealth, because of the chain's announcement in 2016 that it would allow transgender customers and employees to use bathrooms corresponding to their gender identity: reported Targets stock value is now down by 30 percent since it sparked a consumer boycott by embracing the transgender political agenda. That 30 percent drop has slashed investors wealth by roughly $15 billion. On Tuesday, the stock fell to $58.78, down from its April 19 high of $83.98. In contrast, WalMart is up 3 percent since April, and Kohls is down less than one percent. Company officials indirectly acknowledged the consumer boycott. Our fourth-quarter results reflect the impact of rapidly changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores, Target CEO Brian Cornell said in a company statement. The company also admitted that it would likely continue to experience losses through the year. On 19 April 2016, Target announced that transgender customers and employees were free to use the restroom that corresponded to their gender identity amid a national row on the subject during the 2016 election cycle. The announcement came after North Carolina enacted the controversial HB 2 in March 2016, a law that came to be colloquially termed the "bathroom bill," and required public single-sex restrooms only be used by people of the corresponding biological sex. The controversy, and Target's definitive stance, prompted conservative groups like the American Family Association (AFA) to launch a boycott. Nearly 1.5 million people have signed the AFA's petition as of 1 March 2017. announced HB 2 boycott Target shares did plunge on 28 February 2017, but it wasn't due to its nearly year-old bathroom policy. The drop was due to 2017 guidance announced during an investor day event. Projections were far lower than expected by Wall Street analysts (the term "guidance" means projected earnings). The drop in Target stock corresponds to the announcement made at their investor event: event  Source: Yahoo! Finance  According to Edward Jones analyst Brian Yarbough, Wall Street was expecting Target to project earnings of $5.30 per share, but the company instead gave guidance of $3.80 to $4.20 per share which was "well below" expectations, prompting the drop in share value. According to Reuters, Target's dive dragged others down with it: Targets plunge prompted declines across the retail sector. Wal-Mart Stores Inc was down 2.0 percent, with Kroger Co down 1.2 percent and Macy's Inc off 1.7 percent. Dollar General Corp fell 4.2 percent. What is dogging Target and other retailers has been competition with all-online retailers like Amazon, which do not have the overhead cost of brick-and-mortar locations. Target, for example, has 1,803 stores. "Online players dont have a huge network of stores and since they dont have that cost, they can offer lower prices," Yarbough said. Customers also have the immediate ability to do price-comparisons with smart phones. These changing patterns are reflected in a statement given by Target CEO Brian Cornell: statement Our fourth quarter results reflect the impact of rapidly-changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores. At our meeting with the financial community this morning, we will provide detail on the meaningful investments were making in our business and financial model which will position Target for long-term, sustainable growth in this new era in retail. We will accelerate our investments in a smart network of physical and digital assets as well as our exclusive and differentiated assortment, including the launch of more than 12 new brands, representing more than $10 billion of our sales, over the next two years. In addition, we will invest in lower gross margins to ensure we are clearly and competitively priced every day. While the transition to this new model will present headwinds to our sales and profit performance in the short term, we are confident that these changes will best-position Target for continued success over the long term. Although Target offers online shopping, profit there tends to be lower due to associated costs like shipping and price competition from the likes of Amazon. Retailers are struggling to survive with more profitable in-store sales lagging, and lower profit margins due to a growing contingency of online shoppers: Although its e-commerce operation is growing quickly, Target reported its third straight quarter of lower sales from existing stores, citing "unexpected softness" and raising new questions about the health of large national retailers in the United States. Target also forecast first-quarter profit well below Wall Street estimates. Shares sank 13 percent, on track for their biggest one-day percentage drop in more than 18 years. Target's stock has lost a quarter of its value since the 2016 holiday season started in November, and is now trading at its lowest level since August 2014. Target maintains the bathroom policy has had no effects on its business, with company spokeswoman Erika Winkels telling us in an e-mail, "We have made it clear over time that weve seen no material impact to the business based on the bathroom policy. We dont have anything new or different to share." A poor performance in the 2016 holiday season was also attributed to online sales outpacing foot traffic, but Target is, again, not the only chain feeling the effects: Department stores across the country are paying the price for underestimating Amazon this holiday season. Macy's and Kohl's both reported lower-than-expected sales during the all-important end-of-year retail period, and announced a spate of store closures that will lead to thousands of lost jobs. Sears has even been reduced to selling off one of its iconic brands after a double-digit sales slide. Industry observers blame online competition, as well as department store brands' own shortfalls in adapting to a fundamental shift in consumer behavior. Nevertheless, Neil Saunders, managing director of GlobalData Retail, told us that Target could be worse off than it is: Its in a much better position than some retailers because its balance sheet is still robust whereas Sears and Macy's are in a very difficult position. With Target, it's much more about tweaking and reinvention at the edges. [The guidance] wasnt great, but not as bad other people. Saunders told Reuters that while Wal-Mart has been buoyed by successfully offering groceries, Target has not been able to keep up on that front, calling its grocery offerings "confusing." Reuters "Target is neither a full-line grocer nor a player with lots of niche specialty products; it is neither a high-end player, nor a price focused discounter," he said. It is difficult to say with certainty whether the Target's commerce overall has been negatively affected by its policy on transgender people. Although company representatives have maintained it has not, shortly after Cornell made the announcement, USA Today reported a study that showed the percentage of people who would consider shopping there the next time they needed something dropped from 42 to 38 percent. But the retail industry as a whole is facing a dramatic shift in consumer behavior, and retailers have struggled to keep pace with it. reported Target's late February 2017 stock drop, however, was the result of announcements made during an investor day event, and cannot be attributed to their policy on bathroom use. Huston, Warner Todd.  "Target Retailer Hits $15 Billion Loss Since Pro-Transgender Announcement."
  Breitbart.  28 February 2017. Target.com.  "Continuing to Stand for Inclusivity."
  Press Release.  19 April 2016. House Bill 2.  "Public Facilities Privacy & Security Act."
  North Carolina State Legislation.  23 March 2016. American Family Association.  "Sign the Boycott Target Pledge!"
  Petition.  20 April 2016. Naidu, Richa et al.  "Target's Profit Outlook Sinks Retail Stocks."
  Reuters  28 February 2017. Target.com.  "Target Reports Fourth Quarter and Full-Year 2016 Earnings."
  Press Release.  28 February 2017. White, Martha C.  "Department Stores Are Paying the Price for Underestimating Amazon."
  CNBC.  5 January 2017. Malcolm, Hadley.  "Target Brand Perception Falls, But It's Not 'Catastrophic.'"
  USA Today.  29 April 2016.
Dan Patrick framed his case for ordering Texas schools to shift money toward higher teacher salaries by suggesting that less than a third of school spending currently reaches teacher pocketbooks. The Republican lieutenant governor,addressing reportersbefore the July 2017 start of a special legislative session called by Gov. Greg Abbott, said: Of all the money we spend on education, less than 32 percent goes to teachers. By email, Patrick spokesman Alejandro Garcia offered as the basis of Patricks claim astate publicationpresenting statistics such as student enrollment. We did not spot information in the document speaking to what Patrick said. Texas Education Agency figures But when we reached out to the Texas Education Agency, spokeswoman Lauren Callahan responded by pointing out state-posted figures for the 2015-16 school year, the latest year of audited spending totals. That year, according to the agency, state governmentrecorded receipts of $58,796,907,294related to public schools from state, local, federal and other revenue sources. The same year,according toanother agency web page, 347,328 teachers were paid combined base salaries of $18,023,516,741, averaging $51,892. That $18 billion breaks out to 31 percent of the nearly $59 billion in total receipts. Some more money went to teachers, though, in nearly $1 million in stipends such as whats paid to teachers that oversee extracurricular activities, Callahan told us. The resulting total teacher compensation, $19,005,561,634, divides out to 32 percent of the total education receipts. Additional money goes into other salaries. According to the agency, Texas schools in 2015-16 paid more than $24 billion to 68,699 teacher support staff  broken out by TEA into more than 20 job categories including counselors, school nurses and athletic trainers  plus 237,460 administrative, professional, paraprofessional and auxiliary staff  with spending on all employee salaries accounting for more than 70 percent of school-related receipts. Keep in mind, though, Patrick singled out the share of all spending solely devoted to teacher pay. School district advocates When we asked finance experts who advocate for school districts if the equation based on TEA data holds up, we heard back that the math works, but the total-spending figure folds in spending deserving of an asterisk. In emails,Joe Wisnoski, a former TEA finance administrator who advises and lobbies for school districts, andTom Canbyof the Texas Association of School Business Officials each suggested its unfair to compare the $18 billion spent on teacher salaries to total receipts, which count money that doesnt play into school employee salaries, each expert wrote. Wisnoski suggested its more appropriate to compare spending on teacher salaries to operating expenditures, which means not judging the teacher salaries against any money districts raise in bond proceeds or whats spent on capital projects such as buildings or to pay off debt. Wisnoski noted that none of those funding streams would be available to could be diverted to salaries anyway. According to the TEAs posted figures for 2015-16, 2015-16 all funds operating expenditures for schools totaled nearly $49.5 billion --of which the spending on teacher salaries accounted for 36.4 percent, Wisnoski said and we confirmed. There are lots of ways to include or exclude things in the world of school district finances, Wisnoski said, and what is most appropriate somewhat depends on the person making the point and the specific point being made. Canby called the equation that got us to 32 percent of all spending going to teacher salaries a misleading apples divided by oranges calculation. He said he would gauge the share of spending on teacher salaries, starting from 2016actual expenditure totalshe said he fetched from the statesPublic Education Information Management System. Those figures suggest that teacher salaries cost $19,131,375,774 with benefits adding $3,429,356,293. The resulting $22,560,732,067 accounted for 47.7 percent of $47,303,105,584 in operating expenditures statewide, Canby noted. Canby also emailed us a web link to a July 2017commentaryby TASBOs executive director, Tracy Ginsburg, stating that the group had been unable to verify numbers aired by Patrick indicating that of $163,000 spent per classroom, $52,000 is paid to classroom teachers. Ginsburg encouraged readers to consider a June 2017reportby Moak, Casey & Associates, the lobbying and consulting firm whose associates include Wisnoski. That report says that in 2015-16, Texas school employee salaries and benefits absorbed 79 percent of $46.4 billion spent on basic educational costs. The share of that spending on teacher salaries alone doesnt appear in the report, which states that instruction accounted for 61 percent of basic costs, taking into account some 333,000 teachers plus 63,700 education aides. The instruction entry in the report says: Also included here are the salaries and benefits costs of 4,500 librarians as well as the books and other materials that can be found in Texas school libraries. The cost of instructional materials and staff development are also included in this category as instructional costs. Our ruling Patrick said: Of all the money we spend on education, less than 32 percent goes to teachers. This percentage, we found, aligns with the simple comparison of total teacher salaries to all funds spent on public schools. But its worth clarifying that not all funds can be diverted to teacher salaries. You could also say that close to half of available school spending in 2015-16 went to teacher salaries. We rate the statement Mostly True. MOSTLY TRUE The statement is accurate but needs clarification or additional information. Click here formoreon the six PolitiFact ratings and how we select facts to check. Claim:  A miraculous car that gets 200 miles to the gallon is sold by mistake then reclaimed by the factory and is never seen again.  Examples:  [Collected via e-mail, 1999] A retiring General Motors employee, after many years of service, receives a car as a retirement gift. (as well as a nice pension, etc.). So he is given permission to select a car from the lot there at the factory. He selects a Chevrolet Caprice, a big, luxury car. After receiving it, he is satisfied with his choice. After all, who wouldn't enjoy driving around in a roomy, comfortable car. After driving it for a while, he noticed something quite odd ... a car like this usually consumes a substantial amount of fuel, but the gas gauge hardly moves at all.  After a few weeks, he gets suspicious. Things like this don't happen. Being the company man he is, he returns it to the factory. Explaining this to the service tech must've caused some strange looks, but they took it in anyway. After he got his car back, he noticed it got the typical gas mileage of a comparable car. Could've this car had some secret "modifications" that allowed him to drive for weeks, on the same tank of gas? Detroit's automakers have purportedly seized, er.. bought out patents of items that improve gasoline mileage like the 100 mpg carburetor, etc. Maybe the R&D department at GM put this theory to practice, and this was an example.  [Collected via e-mail, 1997] A couple journeys from Western Canada to Detroit to buy a new car and presumably save shipping costs while having a vacation in the States at the same time.  Driving back to the prairies, they find to their astonishment that the gas gauge is not moving down to "empty" even though they've been driving for hours.  Arriving home some thousands of miles away from Detroit, they have only refilled the tank once or twice. A few days after returning, the husband looks out at his driveway in the morning to find two mysterious men tinkering with his car (the hood is up).  Running out, they race off; he checks under the hood, finds nothing amiss, and concludes it's just vandals or would-be thieves whom he was fortunate to apprehend before any damage was done.  BUT, when they drive the car, they find their gas mileage is now normal. Variations:  The miraculous car legend ends one of four ways:    Mysterious men appear and tinker with the engine, rendering the car no different than any other.   The car is reclaimed by the factory. If the owner afterwards gets the same car back (sometimes it's replaced outright with another vehicle), it now gets ordinary gas mileage. No-nonsense business types show up to make a fabulous offer for the car, which is accepted. The owner wakes up one morning to find the car vanished without a trace. Origins:  The legend of the miracle high-mileage automobile has been around longer than most of our readers, with a version set it Philadelphia having appeared in a 1948 newspaper. (Even at that time, the story proved unverifiable, with the article's writer identifying it as such and passing it along only as an example of a current rumor   sweeping through the community.) Since that early sighting of more than half a century ago, the legend has gone on to enthrall audience after audience as each couple of years sees it pop up anew. Its origins are as strange as the story itself. Between 1928 and 1935, Charles Nelson Pogue, an inventor from Canada, applied for numerous patents for what he claimed was a new type of carburetor that supposedly completely vaporized gasoline before introducing it to the cylinders, thereby extracting a great deal more energy from the fuel. According to the Pogue patent description, fuel was introduced into the engine in this vaporous "dry" state rather than in the normal droplet-laden "wet" state, thus combining more readily with air, making it burn with far greater efficiency. Better combustion combined with the raising of the engine's operating temperature from 160F to 180F were said to be responsible for vastly improved fuel economy.  So much for the techno-talk. The Pogue carburetor was touted as getting 200+ miles to the gallon. Glowing reports about this miracle of ingenuity's making a 1,879 mile trip on 14.5 gallons appeared in the May 1936 issue of Canadian AutomotiveTrade magazine, reports which Pogue later denied.  A manager of a Winnipeg auto dealership claimed he had driven a Pogue-equipped car 217 miles on a gallon of gasoline. A different dealer principal claimed to have driven 26 miles on a pint of fuel.  The story snowballed onward from those breathless testimonials as one rumor quickly followed on the heels of another. Thieves were reputed to have broken into Pogue's shop and made off with three of his carburetors. There was talk of armed guards and wolfhounds guarding the shop and the now-famous inventor. Wealthy backers (from Winnipeg or Toronto, depending on whom you heard the story from) were rumored  to be bankrolling Pogue, but the arrangements mysteriously fell through. Ford of Canada was said to have bought the invention outright. All in all it was a very exciting time. Alas, one can get by on mere smoke and mirrors for only so long. Those with sense enough to not be deafened by the hyperbole were not long kept at bay with tales of wolfhounds, thieves, and mysterious briefcase-toting moneymen. They wanted to see the carburetor. That, of course, was never permitted. No one reputable was allowed to see the mechanical miracle in action, let alone have a chance to measure its results. After the initial excitement over Pogue's 1936 announcement had faded, more serious types began to openly doubt that the carburetor would work as described.  In the December 1936 issue of Automotive Industries magazine, its engineering editor, P.M. Heldt, said of a sketch of the Pogue carburetor: "The sketch fails to show any features hitherto unknown in carburetor practice, and absolutely gives no warrant for crediting the remarkable results claimed." Other journalists were beginning to voice similar opinions. In response to calls to put up or shut up, Pogue's miracle carburetor was heard of no more. Faced with the choice of believing someone had made claims his invention couldn't later live up to or that a monied bad guy had bought up a technology to forever keep it off the market, at least some chose to believe the suppression theory. That the carburetor never made it to the public, they said, was proof enough of its existence. Those 1930s news stories breathlessly trumpeting Pogue's miracle of technology form the basis of the economical carburetor legend now before us.  As gas prices  fluctuate, our dependence on fossil fuels is driven home time and again. Who wouldn't long for a miracle of engineering that would free us from the tyranny of the gas pump? And thus the groundwork for belief is laid. As sometimes happens in the world of urban legends, desire for something to be true transforms a rumor into certainty that this very thing is fact. Over the years, our legend about a 200 mpg car has bobbed to the surface in community after community, been debunked in numerous respected publications, and bobbed right back up in the wake of those debunkings. The need to believe in this wondrous technology and the evil car manufacturers who are deliberately withholding it from the market appears too strong to combat. A bit of rational thought should be all that's needed to lay this legend to rest. Why would the car manufacturers at all care about keeping such a technological advance away from consumers? Unlike the petroleum companies, they've no vested interest in how much fuel a car uses. An automaker's self interest is best served by getting the newest irresistible technology to the consumer before his competitors do. If any one of them possessed the secret of the 200 mpg car, he'd have rushed it into production, hoping to beat his competitors to the punch. Those who are tempted to believe the Evil Government is responsible for keeping this miracle out of our hands should reflect for a moment on the current state of world politics. The government of the United States would like nothing better than to throw off the yoke of dependence upon foreign oil. A miraculous carburetor would grant that freedom, allowing Americans to continue to enjoy current levels of use without the need to go hat in hand to OPEC or even those dastardly Canadians. The domestic supply would be more than enough. Though rarely is this tale told about anything other than a gas-miserly carburetor, this version describes a miraculous lightbulb: It was around 1920, shortly after he had married, when the old man originally purchased the light bulb from a small store in town. It appeared to be a normal light bulb. However, when after sixty years it was still going strong, he decided to write to the manufacturers and tell them of this remarkable phenomenon. By return a reply came from the company indicating that they were very interested in the bulb and would like to send someone to see it. Eventually, one of the directors of the firm called and, instead of just showing interest, offered to buy it for 1,000. The old man, of course, refused, as the light bulb had given him good service. However, his curiousity was certainly aroused  why so much money for his light bulb? The director could provide no plausible explanation as to why they were willing to offer so much for the bulb, so the old man decided to explore this mystery further. With the help of a solicitor friend he did a little investigating and discovered that in the 1920s this particular light-bulb manufacturer had bought and tested the patent for an everlasting bulb. Only a few of these bulbs were made and the company, finding the invention worked, destroyed the bulbs and suppressed the idea  after all, it would have put them out of business. Unknown to the company one of the lights had accidentally become mixed up with a batch of ordinary bulbs and this was the light bulb which had lit the old man's kitchen for the past sixty years. (Sometimes lore collides with reality: A long-lived light bulb has been burning since 1901 and currently lights a fire station in Livermore, California.) light bulb Barbara "gasoline allied" Mikkelson Origins:  The legend about the need to suppress the steam-driven carburetor that can produce 200 mpg to protect the oil industry surfaces in an episode of the TV series Spoils of Babylon ("The Foundling: The War Within; original air date 9 January 2014). Last updated:  26 June 2014 The Mexican Pet    Brunvand, Jan Harold.  The Vanishing Hitchhiker.   New York: W. W. Norton, 1981.  ISBN 0-393-95169-3  (pp. 175-178). The Vanishing Hitchhiker    Dale, Rodney.  The Tumour in the Whale.   London: Duckworth, 1978.  ISBN 0-7156-1314-6  (pp. 114-115). The Tumour in the Whale    Dorson, Richard.  American Folklore.   Chicago: Univ. of Chicago Press, 1959  (p. 253). American Folklore    Ellis, William and Alan E. Mays.  "Art Linkletter and the Contemporary Legend."   FOAFTale News.  June 1994  (pp. 1-10).     Morgan, Hal and Kerry Tucker.  Rumor!   New York: Penguin Books, 1984.  ISBN 0-14-007036-2  (pp. 123-125).  Rumor!    Smith, Paul.  The Book of Nasty Legends.  London: Routledge & Kegan Paul, 1983.  ISBN 0-00-636856-5  (pp. 9, 67).  The Book of Nasty Legends    Vance, Bill.  "Was Winnipeg Inventor Victim of Oil Barons?"   The Toronto Star.  17 April 1993  (p. H2). The Complete and Totally True Book of Urban Legends    Holt, David and Bill Mooney.  Spiders in the Hairdo.  Little Rock: August House, 1999.  ISBN 0-87483-525-9  (pp. 85, 106). Spiders in the Hairdo   The Big Book of Urban Legends.  New York: Paradox Press, 1994.  ISBN 1-56389-165-4  (p. 22). The Big Book of Urban Legends Liberal comedian Bill Maher made an out-of-this-world comparison to poke a hole in the Republican argument that the estate tax threatens the livelihoods of family farmers. Of 5,000 Americans who paid the estate tax in 2013, 20 farmers paid it, Maher said on his April 17, 2015, show. Twenty-four Americans have been to the moon. More astronauts have been to the moon than farmers who paid the inheritance tax in 2013. There obviously is no relation between the number of farmers paying the estate tax and the number of Americans who went to the moon, but as a point of trivia, Mahers claim is an intriguing one. A reader asked us to do the magic that you do, which is determining whether Mahers point is accurate. One small step for fact-checkers ... Caveat No 1: Maher is using the number of astronauts who have been to the vicinity of the moon, not just the number of moonwalkers. Twelve Americans have walked the moons surface over six Apollo missions, starting with Neil Armstrong and Buzz Aldrin planting an American flag in 1969. (If youre not sure about whether the lunar landing really happened, you wont like this fact-check, but you may enjoy these bona fidemoon misconceptions.) Add another 12 American astronauts who orbited the moon but did not walk on it, and you get  24. NASA chief historian William Barry said the 24 Americans is a solid figure in that it doesnt double count Americans who made more than one lunar trip. There were several astronauts who flew to the Moon and orbited it on one mission and then were lucky enough to go back and land on it on a later mission, Barry said. Jim Lovell, for instance, made two trips to the moon in Apollo 8 and Apollo 13, but he never walked on it. (In this Smithsonian picture, Lovell and his crew emerge from the U.S.S. Iwo Jima after landing the spacecraftApollo 13in the South Pacific.) One giant leap for the truth What Maher calls the inheritance tax and what Republicans call the death tax is more accurately described as the estate tax. Some wealthy families face this tax when they pass on assets (cash, land, homes, stocks, etc.) to heirs after death. Most estates do not owe estate taxes. It affects about 5,500 Americans whose estates exceed the exemption limit of$5.43 million per person. If the estate is worth more than that, an heir could pay a tax rate up to 40 percent on the value of the estate above that limit. Even though it doesnt affect all that many people, it brings in big bucks for the government. Repealing it would cost about $270 billion over the next decade, according to the congressional Joint Committee on Taxation. In the week ahead of Mahers April 17 show, House Republicans approveda planto eliminate the estate tax, saying it can prove devastating to families  forcing them to sell land, lay off workers, and even shut down entirely. So did this tax really affect just 20 farmers in 2013, as Maher said? The number comes from an estimate by the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution. Tax Policy Center economists wanted to get an idea of how the tax would affect estates, including those with farm and business assets, in 2013. All of their numbers are estimates based on the centersestate tax model. They defined family farms and businesses as estates having farm or business assets less than $5 million and half of the estate. These farms and businesses had taxable returns and total assets between $5 million and up $10 million. Its a definition that hones in on small farms and business  the most relevant in responding to the myth that many small farms and small businesses must be liquidated to pay estate tax, said Brandon DeBot, a research assistant at the federal fiscal policy division of the liberal Center on Budget and Policy Priorities. Using the Tax Policy Centers model, an estimated 20 small farms and small businesses would have had to pay the estate tax in 2013, amounting to a total of $6.9 million of tax with an average tax rate of 4.9 percent. So thats not just small farms, its small farmsandsmall businesses, which might not be a farm. Caveat No. 2: The number of farms and businesses is probably not exactly 20, as it is an estimate rounded to the nearest multiple of 10. That means the number is anywhere from 16-24. Caveat No. 3: Maher talked about family farmers, addressing the Republican argument about the plight of farmers who could lose their livelihood because of the estate tax. But family farms can be big farms, and thats where things get more complicated. Maher set up his comparison by discussing the plight of family farmers, but then later dropped the word family. That one word is important. The Tax Policy Center broadened the scope to include all farm and business estates, regardless of size, with at least half of their value from farm business activity. By that method, 120 farm and business estates would have had to pay the estate tax in 2013, said Roberton Williams, a Tax Policy Center fellow who worked on the model. Alan D. Viard, a resident scholar at the conservative American Enterprise Institute who studies federal tax and budget policy, says the the estate tax has a lot of flaws, but the effect on farmers is just not the right grounds to criticize this tax. Mahers point was strong, he said. In 2001, House Republicans voted to repeal the death tax.New York TimesreporterDavid Cay Johnston scoured1999 IRS filings, phoned the American Farm Bureau Federation, and interviewed farmers in effort to find examples of working farmers who lost their farms because of estate taxes. He found none, writing that the reality of who is bitten by the estate tax is different from the mythology, as the overwhelming majority of beneficiaries are the heirs of people who made their fortunes through their businesses and investments in securities and real estate. And in 2001, the estate tax wasmore robust than it is now, with a lower exemption level of $675,000 and a higher top tax rate of 55 percent. It is a small number, bottom line, Williams said. Theyre going to be the exception rather than the rule. Our ruling Maher compared 24 American astronauts who have been to the moon to 20 farmers whom he said were the only ones to pay the estate tax. His count for astronauts who have been to the moon is reasonable, counting both American moonwalkers and those who have flown in its orbit during various Apollo missions. The larger point about only 20 farmers paying the estate tax is a little more complicated. A 2013nonpartisan study found 20 small farmsandsmall businesses faced the estate tax in 2013. Maher referred to family farms in setting up his claim. Saying small farms would have been better. And he dropped family in later references. Experts said Maher generally could have been more careful in his wording, but that his bit of trivia largely checks out, as does his point that the estate tax affectsvery few small farmers. We rate his claim Mostly True. https://www.sharethefacts.co/share/2edf78cd-008c-408e-ae35-939322661e70 In July 2022, during a heat wave across the U.S. and other countries, we reviewed an email that claimed Lowe's Home Improvement was giving away free air conditioners in a sweepstakes. In reality, there was no giveaway, and the email was a scam. Scammers were pretending to be Lowe's in an apparent phishing attempt to get people's personal information, such as credit and debit card numbers. the U.S. other countries scam phishing The scam email read, "CONGRATULATIONS! You are the lucky online winner of a brand new [Lowe's] Sweepstakes BTU Portable Air Conditioner entry!" Lowe's  We advise readers to never click links or call phone numbers that appear in these kinds of scam emails. The links will lead to phishing attempts, and the phone calls will connect you with scammers who likely will try to lure sensitive data from you. advise readers scam Scam emails often contain obvious grammatical errors. Also, the "from" email address in scam emails can look unofficial, another sign of something suspicious going on. For example, instead of an official email address ending with "@lowes.com," the sender may have something like, "help@lowes-security-winner.co.com.cc." This would not be a legitimate email address for Lowe's. The U.S. Better Business Bureau (BBB) has published a number of articles about the dangers of phishing. In one of its advisories, the agency detailed how these kinds of scams work: one of its advisories Phishing scams tend to follow a pattern. The victim receives an email, phone call or text message (called smishing or SMS phishing). The message urges the target to click a link, share information, call a phone number, or download an attachment which likely contains malware. In the case of an email or text, the link frequently leads to a form, which prompts the target to enter personal information. Think twice before downloading anything from the internet, especially if its an attachment from an anonymous sender. Scammers will hide malware in an attachment and once downloaded, it can wreak havoc on your personal device or steal your personal information. If you're online at home, the scammer may also steal the IP address and then proceed to connect to any other device connected to your home wifi. The BBB also has tips on how to avoid falling victim to these kinds of scams: If something sounds suspicious, call the company directly or checking the company website directly. Dont click on links in an unexpected email  type the URL for the company into the browser or do a web search to find the right website. Dont click, download, or open anything that comes from an anonymous sender. This is likely an attempt to gain access to your personal information or install malware on your computer. Question generic emails. Scammers cast a wide net by including little or no specific information in their fake emails. Always be wary of unsolicited messages that don't contain your name, last digits of your account number or other personalizing information. BBB Tip: Phishing Scams Can Come in Text Messages, Prize Offers. 1 Mar. 2022, https://www.bbb.org/article/news-releases/16758-bbb-tip-phishing-scams. Kirka, Danica, and Jill Lawless. UK Breaks Its Record for Highest Temperature As Heat Builds. Snopes.com via The Associated Press, 19 July 2022, https://www.snopes.com/ap/2022/07/19/uk-breaks-its-record-for-highest-temperature-as-heat-builds/. McLaughlin, Tim, and Brendan OBrien. Record-Breaking U.S. Heat Wave Bakes Americans. Reuters, 20 July 2022, https://www.reuters.com/world/us/coast-coast-us-heat-wave-threatens-tighten-its-grip-2022-07-20/. In December 2014, a number of Facebook pages using car brand names such as Audi, Range Rover, Mercedes, and Camaro (among others) posted directives similar to the messages quoted above. The pages claimed that Facebook was giving away cars. Among the cars offered in the giveaways were Audi R8s, Range Rovers, Mercedes-Benz E63 AMGs, and Chevrolet Camaro SS models. Almost all the scams followed the same format: they instructed users to like a separate page, like the original post, and share the post on their own Timeline (thereby validating its legitimacy and enticing others to do the same).users were eligible to win one of two available vehicles in the winner's choice of color simply by liking a separate Facebook page, liking and sharing a post, and waiting for an inbox message confirming the winners. In April 2016, the scam reappeared, this time with a Range Rover as the car offered in the giveaway:    The first clue the giveaways following this format were not on the up-and-up was the pages to which Facebook users were directed, pages that had been created just days before the giveaway posts begin to appear. Not only were the secondary Facebook pages involved always new, they were also not linked with car companies or other interests one might imagine could reasonably be expected to offer up a car in exchange for social media advertising (such as automobile dealerships, insurance companies, or large retailers). Were a legitimate company to engage in such a high-ticket contest giveaway, the incentive would be exposure; however, no corresponding promotional return on advertising investment was discernable in these Facebook giveaway claims. The tactics were similar to recent scams involving Costco, Kroger and Amazon gift cards, but the six-figure price tag attached to some of the vehicles involved in the Facebook car giveaway posts proved a far more difficult-to-resist enticement for some users, not all of whom questioned whether sharing a page presented any negative consequence should it later turn out to be a prank, hoax, or other false promise. Costco Kroger Amazon The pages to which users were directed carried all the hallmarks of "like farming" operations intended to quickly build and sell popular Facebook pages. Even if the page creators' intent were only to build an audience, users' participating in the scam created a larger incentive for employing future fakery of the same description to crowd Facebook feeds. Scammers could also exploit a large audience by mining varying levels of personal data from those who have liked a page of dubious origin. So Facebook users who participate in such fake giveaways not only unwittingly help spammers pollute the social network with scams, they may also risk being exposed to malware, clickjacking, or other unpleasantries (such as finding their names and identities endorsing a scam, hate page, or other undesirable activity). Giveaways, particularly of high-value merchandise, are generally rare and almost always conducted through brands' official channels or the social media accounts of related large companies. During the U.S. vice presidential debate on Oct. 7, 2020, Republican candidate Mike Pence claimed he and U.S. President Donald Trump worked "from day one" in the White House to drive down American unemployment to "record" low levels  evidence, he alleged, that voters should re-elect Trump on Nov. 3 to try and reshape the economy after unprecedented job losses during the COVID-19 pandemic. Oct. 7, 2020 COVID-19 pandemic The statement echoed previous comments by the president. In October 2019, the White House issued a news release suggesting the Trump administration's "pro-growth agenda" was the reason for new jobs and a declining unemployment rate, reaching a level not seen in 50 years. news release Then, on Jan. 29, 2020, roughly one week after the Centers for Disease Control and Prevention (CDC) confirmed the first COVID-19 case in the U.S., Trump reiterated on Twitter: reiterated   About six weeks later as the deadly virus spread nationwide, Trump doubled down on that "50 year" claim and said his administration is responsible for the "best unemployment numbers in the history of our Country." He tweeted: tweeted   The claim took on another layer as the pandemic worsened: Trump alleged without evidence that his administration was responsible for helping Black Americans, specifically, get jobs. For instance, on June 2, he claimed he "has done more for the Black Community than any President since Abraham Lincoln," and that the country's unemployment figure among Black Americans was evidence of that work. claimed After that, Trump supporters went a step further by circulating the below-displayed meme online, alleging that Trump not only drove down unemployment rates for people who identify as Black or African American but also women and Hispanic workers.   This was true: U.S. Unemployment Reached 50-year Low Under Trump But no evidence showed Trump was responsible for causing the dip. First, to determine the validity of the underlying claim  that Trump shaped the economy so that U.S. unemployment dipped to the lowest rate ever  we considered the data available. The Bureau of Labor Statistics (BLS) began calculating the country's unemployment rate  the number of people seeking work divided by the sum of that amount and total people employed  in March 1940, when demographers first launched a monthly survey of households nationwide called the "Current Population Survey." Before that, more subjective and less comprehensive data existed. So to ensure accuracy in this report, we only considered the country's unemployment figure post-1940, as compiled by BLS and the U.S. Census Bureau and to which government officials refer. Bureau of Labor Statistics According to our analysis of the labor statistics before Trump's inauguration on Jan. 20, 2017 (see below for our analysis of the jobless rate during his presidency), the country recorded the lowest unemployment rate in 1944, near the end of World War II. At that time, just 1.2% of Americans were unemployed and seeking jobs, per BLS data, which included workers over the age of 14. (Note: The survey in modern years only counted adults and teenagers over the age of 16, not 14.) The survey   Next, we considered BLS unemployment data over the course of 50 years before Trump's inauguration to determine whether the country's jobless rate indeed fell to the "the lowest level in more than 50 years" under his leadership. We learned 1969's annual unemployment rate was about 3.6%, in part, because millions of men were drafted for the Vietnam War and left the American workforce, making the sum of all those seeking or maintaining employment significantly lower. In May 1969, for instance, the unemployment rate was 3.4%. After that, we obtained statistics to gauge the country's monthly unemployment rate from the beginning of Trump's term  Jan. 20, 2017  to January 2020, when the U.S. COVID-19 outbreak began and businesses on a grand scale prepared to temporarily close or furloughed workers to prevent the spread of the deadly virus. (We did not consider U.S. unemployment during the outbreak since the claim was framed by the Trump campaign that he was more suited than Democratic rival Joe Biden to revive the pandemic-stricken economy.)  Per the BLS' Current Population Survey, the country's unemployment rate in February 2017, which was compiled including survey responses in the weeks before and after Trump took office in January, was 4.6%. From that point, the proportion of Americans seeking work compared to the total number of people in the country's workforce slightly decreased under the Trump administration. By September 2019, the percentage reached 3.5%  the lowest rate since December 1969. That meant Trump was correct in saying that unemployment dropped to the lowest point in about 50 years under his watch. However, his second tweet  that that metric was the lowest in U.S. history (or since the comprehensive unemployment data existed)  was false. The World War II-era 1.2% unemployment rate was lower. Trump was correct According to BBC economists' analysis of the recent employment figure, the change was a result of 490,000 Americans leaving the workforce. Jerome Powell, whom President Barack Obama appointed to the Federal Reserve System's board of governors and Trump promoted to the agency's chairman in 2018, told CBS News at the time that "an unusually large number of people in their prime working years" were not seeking employment or maintaining jobs for a variety of reasons, such as the U.S. opioid crisis, and that the U.S. workforce participation rate was lower than almost every other advanced country. BBC economists' analysis Federal Reserve System's board of governors CBS News We also obtained data showing the country's unemployment rate by race and gender to determine the accuracy of the above-displayed meme that alleged the percentage of unemployed female workers, as well as people who identify as Black, African Americans or Hispanic, was higher in 2009 than in 2019, among other things. According to the monthly data, these facts were true at face value: were true technically ended But that statistical snapshot is missing necessary context to consider the claim  that Trump's fiscal and regulatory policies led to millions of workers finding jobs  accurate: In February 2009, roughly one month after Obama was sworn into office, he signed a $787 billion stimulus package to save jobs and reverse the economic downturn. The increased public spending on everything from roads to science programs to unemployment benefits, as well as other market trends, created new jobs on a mass scale. And, in turn, labor statistics showed a steady increase in job growth and a gradual decrease in the country's jobless rate over the course of a decade until the pandemic hit.   Looking at the graph above, we determined no significant disruptions or changes in the country's unemployment rate when Trump took office  the steady decrease is essentially indistinguishable from the Obama years after the recession. "At best, you would say it's been a continuation of a steady trend," economist Austan Goolsbee told MSNBC. told MSNBC In other words, it was false to claim that Trump moved into the White House and jumpstarted a failing economy. Rather, conditions were improving for American workers years before voters elected the real estate billionaire as president. NBC News reported in August 2020: NBC News The president rightly takes credit for having low unemployment during his presidency. In December of 2019, the unemployment rate was a scant 3.5 percent, the lowest it had been in 50 years. However, as good as that number was, when Trump took office the rate was already at 4.7 percent. That figure is quite low by historical standards (lower than all of the 1980s as well as most of the 1990s and 2000s). In December of 2017, it was the lowest the number had been since the Great Recession. In fact, Obama saw a much steeper drop in unemployment in his second term, a 3.3 drop in the rate, than Trump did in his first three years, a decline of 1.2 points. Thats not to besmirch the remarkably low unemployment under Trump, but its hard to ignore that the unemployment track under Obama had been downward. Again, the numbers look like the continuation of a trend, not something new. Another analysis of labor statistics by NPR came to the same conclusion: that job growth remained consistent since the end of the recession in 2010 and 2018, while the unemployment rate steadily decreased. NPR reported: labor statistics by NPR So while the White House can certainly point to some yardsticks that indicate a meaningful turnaround on Trump's watch  including small business sentiment, business investment and goods-producing job growth  broader measures of the overall job market and wages show the economy continues to follow the steady, upward glide path that began under Obama. In sum, considering no evidence showed policies enacted by the Trump administration drove down the country's unemployment rate  but rather the roughly 50-year low in fall 2019 was essentially a continuation from the Great Recession's recovery, per economists' analysis of BLS data  we rate this claim "false." per economists BBC News. "US Jobless Rate At Lowest Since 1969."  3 May 2019. U.S. Bureau of Labor Statistics. "BLS Data Viewer."  Accessed 13 October 2020. Wingfield, Brian. "The End of the Great Recession? Hardly."  Forbes. 20 September 2010. Jones, Chuck. "Trump's Economic Scorecard: 3 Years In Office."  Forbes. 10 February 2020. Horsley, Scott. "FACT CHECK: Who Gets Credit For The Booming U.S. Economy."  NPR. 12 September 2018. Ruhle, Stephanie. "Which President Gets The Credit For The Booming Economy?"  MSNBC. 10 September 2018. If theres one thing President Donald Trump loves to boast about, its jobs, jobs, jobs. During an April 27, 2019 rally in Green Bay, Trump made sure his supporters in Wisconsin knew just how good the state unemployment rate has become. The unemployment rate for Wisconsin workers has reached historic lows, Trump told the crowd. Its never been this low before, ever, ever, ever. As of March 2019, the U.S. Bureau of Labor Statistics reported Wisconsin had a 2.9 percent unemployment rate. But, was there ever a time in history when it was even lower? We decided to do some digging. The backup Historical data from the BLS shows Wisconsin has been on a downward spiral of unemployment since the height of the financial crisis in 2009. Since then, the highest unemployment rate recorded in Wisconsin reached 9.3 percent with the lowest being where it stands now at 2.9 percent. But, was there a time that its ever been below that figure? BLS spokesman Gary Steinberg says it has been close, but the 2.9 percent is the lowest unemployment rate for Wisconsin on record. Unemployment rate data for Wisconsin are comparable back to 1976, Steinberg said. The unemployment rate of 2.9 percent in both January and February 2019 are the lowest on record. National ranking Nationally, Wisconsins 2.9 percent in March 2019 left it tied with Idaho and Virginia. That means Wisconsin rankedeighthin the country. North Dakota and Vermont tied at first with a 2.3 percent unemployment rate. Alaska, meanwhile, was at the bottom with an unemployment rate of 6.5 percent. Wisconsins Department of Workforce Development reported the state added 11,400 total non-farm jobs and 19,300 private-sector jobs from February of 2018 to February of 2019. Meanwhile, Wisconsin's labor force participation rate -- a measuring stick that looks at the other side of the equation -- was 67.5 percent in February. That was more than four points better than the national rate. Our rating Trump said Wisconsin had the lowest unemployment rate ever at a recent rally in Green Bay. The available data backs up his claim that Wisconsin hasnt had a lower unemployment rate to its 2.9 percent. We rate Trumps claim True. Shortly after outgoing House Speaker Paul Ryan fired House Chaplain Patrick Conroy in a closed-door meeting at the end of April 2018, a rumor that the House Speaker had nominated televangelist Joel Osteen as his replacement started to spread online: fired spread   Paul Ryan did not nominate Joel Osteen to be the new House Chaplain. This rumor originated with a satirical post on the message board Democratic Underground: post In a surprise move during the weekend, Speaker Ryan proposed that Prosperity Gospel champion, Joel Osteen, become the new chaplain for the U.S. House of Representatives. In a brief comment, the Speaker said, "America needs to become more prosperous. It needs a new approach to individual wealth. Pastor Osteen carries that message and shows us the way. Working Americans should be grateful to pay more taxes to the Federal Government. As Jesus, himself, said, 'It will be returned an hundred-fold.' Joel, my good friend, suggests that the road to a more prosperious America will come through even higher taxes on low-income citizens, who will benefit in the end, of course. I agree with the good Pastor, and will be introducing new legislation to that effect soon."    The author of this post, a user identified as "MineralMan," wrote in the comments that the "evil grin" emoticon included at the bottom of the post indicated that the text was satirical. Forum users also compared the text to articles on the Borowitz Report, a well-known satirical blog published in the New Yorker: Borowitz Report   Zanona, Melanie.  "Ryan Explains Decision to Dismiss House Chaplain."
  The Hill.  27 April 2018. Claim:  An Indiana Congressman is introducing legislation to change the name of Interstate 69. Status:  False. Example:  [Hoosier Gazette, 2004] John Hostettler, the Congressman representing the 8th district of Indiana, has been convinced by local religious groups to introduce legislation in the House that would change the name of an Interstate 69 extension to a more moral sounding number. There are plans to extend the interstate from Indianapolis through southwestern Indiana all the way through Texas into Mexico in the coming years.  While most believe this highway will be good for the states economy, religious conservatives believe "I-69" sounds too risqu and want to change the interstates number. [Rest of article here.] here Origins:  Despite   the disclaimer on the site of the Hoosier Gazette, a number of its satirical articles have been mistaken for real news (such as a report that a Kinsey Institute study found that having children lowers the IQ of parents).   disclaimer Hoosier Gazette report Now yet another entry from the Hoosier Gazette has made the news, this one proclaiming that Indiana Congressman John Hostettler is attempting to introduce legislation to rename Interstate 69 (because the pronunciation of its common abbreviation, I-69, sounds like a slang term for a sexual position).  The spoof has caused no small amount of consternation at Congressman Hostettler's office, where aides have been kept busy handling calls about the fictional legislation: entry John Hostettler Interstate 69 sexual position U.S. Rep. John Hostettler's office is fielding outraged calls about an Internet hoax that says he's proposed changing the name of Interstate 69 to Interstate 63 for religious reasons.  Hostettler spokesman Michael Jahr said Monday he had been fielding calls about the story all day.  "There is no truth in the story about any legislation changing the name of I-69," he said. "The Web site is satirical in nature, and any suggestion otherwise is absurd." The Hoosier Gazette has also published a sampling of responses to their I-69 article, many of them submitted by readers who didn't get the joke. responses Last updated:  21 November 2004    Sources:   Wehrman, Jessica.  "Hostettler's Office Fields Hoax Calls."   Evansville Courier & Press.  16 November 2004. On 18 December 2016, Twitter user David Dellanave posted a message claiming that the Minnesota Vikings football team had opened up U.S. Bank Stadium to shelter the homeless on a particularly cold winter night: posted Although Dellanave is not a reporter or a spokesperson for the Minnesota Vikings, his message was picked up and reported as fact by several news outlets, including Yahoo News and CBS Sports:  Yahoo News CBS Sports The Minnesota Vikings are embracing the Christmas spirit early and helping out the community on Sunday night. According to David Dellanave, U.S. Bank Stadium will be open to the local homeless population during a night with crazy cold temperatures. The Minnesota Vikings, however, did not open U.S. Bank Stadium on 18 December 2016 to shelter the homeless. Dellanave eventually deleted his original tweet and posted follow-up messages claiming that he had posted the false information as an attempt to draw attention to a social issue: Tweet deleted. Point was to highlight a social issue and waste of taxpayer money that could help people instead of make private profits 1/3  David Dellanave (@ddn) December 19, 2016 December 19, 2016 Zero interest in retweets or followers, have never cared and never will. 2/3  David Dellanave (@ddn) December 19, 2016 December 19, 2016  But most importantly if I thought for a second someone in need would take it seriously, wouldn't be worth the potential good. 3/3  David Dellanave (@ddn) December 19, 2016 December 19, 2016 I'm sorry if this obviously misguided attempt at highlighting a social issue hurt anyone. Didn't think a tweet would go so far & I regret it  David Dellanave (@ddn) December 19, 2016 December 19, 2016