Romney vs. Obama Photo-Illustration by Ina Jang for TIME; Obama: Reuters; Romney: MCT/ABACA USA To find out who shaded the truth most, TIME asked each campaign for a list of its rival's worst deceptions. After examining those claims and consulting independent fact-checking websites, we selected some of the most prominent falsehoods and prevarications of the 2012 campaign* - at least so far. Compared with the Obama campaign's, the Romney operation's misstatements are frequently more brazen. But sometimes the most effective lie is the one that is closest to the truth, and Obama's team has often outdone Romney's in the dark art of subtle distortion. On both sides, the dishonesty is "about as bad as I've seen," says veteran journalist Brooks Jackson, director of FactCheck.org. Cover Story: The Fact Wars - Blue Truth, Red Truth The lying game unfolds on many -levels. Campaigns obfuscate, twist the truth and exaggerate. They exploit complexity. Most of all, they look for details - real or unreal - that validate our suspicions. There was no Obama "apology tour," but the canard flourished because some voters are wary about his sense of American exceptionalism. If you read the whole paragraph, the President's "You didn't build that" riff seems a lot more reasonable, but context fell victim to a perception that Obama disdains free enterprise. Bain was never the beneficiary of a taxpayer bailout, and yet 75% of Americans believe the contrary, partly because Democrats have cast Romney as the kind of plutocrat for whom the rules are rigged. Even for the most open-minded and informed voters, truth is often subjective. Discerning it is that much harder when the campaigns cater to two different groups of voters who seem to prefer two very different sets of facts. These quotes come from the candidates or campaign ads they personally approved, with the exception of the Obama team's claim about Bain Consulting, which was repeated by Vice President Biden Campaign Poll: Which Candidate Is Being More Truthful Next: Jobs and Economy Jobs and Economy Obama Campaign We do not need an outsourcing pioneer in the Oval Office. Reality: Like many firms, Bain Capital invested in companies that outsourced jobs, but it was not the first to do so, and Romney was no longer directly responsible when the outsourcing occurred Verdict: This claim is a distortion by Obama's team After a decade of decline, this country has created over half a million new manufacturing jobs. Reality: The U.S. has lost about a million manufacturing jobs since 2009 but regained more than half that number in the comeback Verdict: Without context, Obama's number is misleading Romney Campaign We are only inches away from no longer being a free economy. Reality: The conservative Heritage Foundation ranks the U.S. in the top 10 for economic freedom worldwide, ahead of Japan, Germany and the U.K. Verdict: Highly misleading I have a plan to create 12 million new jobs. Reality: Independent economic forecasters predict the economy will gain about 12 million jobs over the next four years regardless of who is President Verdict: Misleading. There's less to this pledge than meets the eye President Obama told America that if Congress approved his plan to borrow nearly a trillion dollars, he would hold unemployment below 8%. Reality: Obama never said that, but before he took office, two of his economists predicted that a large stimulus might have that effect Verdict: Romney's assertion is misleading We have to open up markets for our goods ... [Obama] has opened up none. Reality: Obama signed previously negotiated trade deals with Colombia, Panama and South Korea Verdict: False Next: Taxes and Spending