Wisconsin Rep. Paul Ryan's name is buzzing within the media circuits Thursday morning, not because he is now officially the Republican Party's vice presidential nominee, but for certain misleading claims he made during his convention speech the night before.

Ryan was heavily critical of U.S. president Barack Obama, who he said has been wasting time for the last four years and has not taken responsibility for some of the economic issues that have faced Americansw since he took office.

"What's missing is leadership in the White House," Ryan told thousands of delegates in Tampa. "And the story that Barack Obama does tell, forever shifting blame to the last administration, is getting old. The man assumed office almost four years ago - isn't it about time he assumed responsibility?"

Ryan vowed that should he and Republican presidential nominee Mitt Romney be elected they will be doing things differently.

"We will not duck the tough issues, we will lead," he said. "We will not spend four years blaming others, we will take responsibility."

However inspiring was Ryan's much-anticipated speech, it did feature some untruths.

Here are some of the misleading statements found in Ryan's speech:

Credit Rating Downgrade

Ryan, as the GOP has done before, essentially blamed America's credit rating downgrade on Obama, but Standard & Poor's statements last summer pointed the finger at the Republicans.

The credit rating agency decided to cut the U.S. from a perfect AAA rating to an AA+ because of concerns that include whether America will pay off its debt and whether Republicans would refuse to increase the debt ceiling.It did not single out the White House. 

"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on will remain a contentious and fitful process," the credit rater wrote in its report.

Janesville GM Plant Shutdown

Ryan's pointing the finger at Obama for the shutdown of a General Motors plant in Janesville, Wisconsin, was also inaccurate -- because it happened before the Democrat even set foot in the Oval Office.

GM announced the plant's closure in June 2008, and stopped production in December 2008, when President George W. Bush was still in office. GM said low demand for SUVs and high gas prices during Bush's presidency were factors in the decision. Ryan did vote for a federal bailout of the auto industry four years ago -- a bailout that Romney opposed and was unpopular with conservative voters concerned about the federal deficit.

Medicare's $716 Billion

Ryan said Obama "funneled" $716 billion out of Medicare, to pay for his own healt care reform, at the expense of elderly Americans. But this isn't entirely true. Seniors aren't necessarily the ones who will be losing.Rather it's the hospitals who will be seeing approximately a third of those cuts, resulting from reduced reimbursements. But what Ryan also failed to note in his speech was that his own budget plan keeps these cuts.