Bachmann expands her “government owns 51% of the economy” gaffe even further

Remember when Michele Bachman said the government owns 51% of the economy, and everyone who was paying attention laughed and the media didn’t run an embarrassing story explaining that the Bush (yes, Bush) bailouts didn’t give the federal government majority ownership of any bank?

She’s tempting fate by not only continuing to bring it up, but actually expanding the lie! According to Think Progress, she went on CNN and told viewers that the federal government “literally owns banks” and a variety of other businesses:

The federal government literally, in 18 months’ time, has taken either direct ownership or control of 51 percent of the private economy. Eighteen months ago, 100 percent of the private economy was private. But today, the federal government literally owns banks, the largest insurance company in the United States. The federal government owns over half of all home mortgages today in the United States — Chrysler, G.M. the student loan industry and now health care.

Now, Bachmann has had trouble with the word “literally” in the past, but let’s read it as an intentional use. This would mean that the federal government outright owns or is a majority shareholder in various banks, G.M., Chrysler and AIG. As Think Progress explains, this is far from the truth. For example, the feds owned 6 percent of Bank of America in early 2009. Also, they will own zero percent of any health insurance or student loan company when the health care bill is fully implemented, although more people will get those services directly from the goverment.

It’s also worth noting that 100% of the private economy is still private. 100% of the private economy is always private, by definition.

Watch the video in which she says this:


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