Numbers, Schmumbers, 9 Percent Is About Half, Isn’t It?

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Here is Mitt Romney last night, criticizing the green energy loan guarantee program that was part of the stimulus bill:

You put $90 billion into green jobs…And these businesses, many of them have gone out of business, I think about half of them, of the ones have been invested in have gone out of business.

Close! The DOE 1705 program has approved 33 loans worth about $16 billion. So far there have been three failures (Solyndra, Beacon, and Abound), which works out to a failure rate of…

Nine percent.

By dollar volume, these loans will cost a maximum of about $600 million if the government ends up on the hook for the entire loan amount. That comes to maybe 4 percent of the total. By other measures, the failure rate is less than 1 percent.

Still, close enough for a national debate, I guess! Michael Grunwald tweets that Romney’s people later told him that “Mitt didn’t mean to say half the stimulus-funded green firms failed.” So I wonder what he did mean to say?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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