In the 1980s, President Reagan quoted a 1930's democrat, saying something to the effect of "what we were looking for was a sort of modified communism." His staff said they were unable to confirm the quote, which basically means he made it up.
That's what the word of the year means - it's something that someone states, professing it to be true while being unable to verify it's accuracy. As Stephen Colbert, the coiner of the term described it, "truthiness" is truth that comes from the gut, not books."
The word is pretty useful when describing so much of what the current administration has done. When the president says he believes that Iraq is a breeding grounds for terrorists and that is why he authorized the invasion of the coutnry, even though his arguments and those of the pundits said "they have nuculer (sic) weapons," while reports indicate that the terror breeding has come after the liberation - that's truthiness, and while the word may have been invented within the last 15 months, and while it may be humorous, it is apt.
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