Earlier this week, President Obama issued a statement encouraging the Federal Communications Commission (FCC) to adopt stricter rules on Net Neutrality, a regulation that requires internet service providers (ISPs) to treat all web content equally. But the president, like most supporters of Net Neutrality, fails to understand how the internet actually works. FCC Chairman Tom Wheeler is resistant to Obama's ideas, preferring a more nuanced approach, but he still favors increased regulation of the internet. Below is an extract from the president’s statement, outlining the four principles he has singled out as being fundamental features of the new regulations.