And who decides what’s a lie and what isn’t? Imagine this system in the current state of American politics, or even most Western democracies. The body charged with deciding what’s true or not would itself become political. Parties already accuse each other of all sorts of things that aren’t actually happening, and that’s another flaw, the gish gallop. It’s much easier to lie than to verify if something is a lie or not. It’s both political and logistically unfeasable to punish politicians for lying.
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