Posted on 02/02/2010 9:40:33 AM PST by IbJensen
The rest of the headline: ..., While Presiding Over Two Biggest Federal Budgets in 65 Years
(CNSNews.com) - In his budget message to Congress Monday, President Barack Obama said, “Already, we have made historic strides … to cut wasteful spending.” He made the comment while presenting a budget proposal that for the second year in a row would fix federal spending at a percentage of Gross Domestic Product that is higher than at any time in the past 65 years.
In both fiscal 2010 and fiscal 2011, Obama’s budgets would have the federal government spend more than a quarter of the all the wealth produced by the nation in that year.
No president since Franklin Delano Roosevelt has consumed such a large a share of the nation’s wealth through federal spending—and FDR did it in the midst of World War II.
According to the historical tables that the White House released with President Obama’s budget yesterday, the federal government will spend 25.4 percent of GDP in fiscal 2010, the federal budget year that will end on September 30. Under the new budget that Obama is proposing for fiscal year 2011, the federal government will spend 25.1 percent of GDP in fiscal 2011, which begins on October 1.
Both of these budgets fall wholly within Obama’s term of office and would be approved by a Democratic Party that controls both houses of Congress.
By comparison, in fiscal 2002 and fiscal 2003, the first two years in which President George W. Bush presented budgets to Congress, federal spending ended up being 19.1 percent and 19.7 percent of GDP, respectively.
In the first two Obama budgets, spending has averaged 25.25 percent of GDP. In the first two Bush budgets, spending averaged 19.4 percent of GDP. That means that Obama, so far, is spending 30 percent more of GDP per year than Bush.
In 2008, Bush’s final full year in office, federal spending was 20.7 percent of GDP. According to the budget projections released by the White House on Monday, federal spending will be 23.2 percent of GDP in 2012, the lowest rate for any of the four years of President Obama’s term. As the White House now calculates it, Obama will easily be the biggest spending president since World War II.
By comparison, FDR spent only 10.7 percent and 9.2 percent of GDP in 1934 and 1935, his second and third years of office, during the Great Depression.
This year, Obama will spend almost three times as much of the national wealth as FDR did in 1935.
Is it just me, or has anybody else read enough history to know that communists are complete and utter imbeciles?
About the best we can hope for is to apply the brakes to this moron next November.
This is Orwellian doublespeak.
Doesn't matter that it's not true. The stupid voters will eat that stuff up!
If his lips are moving...
Pinocchio was/is an amatuer.....
YOU LIE kenyan.
LLS
He did cut several important weapons programs, and history will show that he weakened our country, so yes, they were “historical”.
What a blatant and pathological liar...
Obi won Kanobi he is not! We are not mindless Stormtroopers...
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician
23. SEC: failed American investors miserably
24. ACORN
25. Robert Rubin: embodiment of Wall Street-Washington incest
26. Richard Ketchum: current head of FINRA
27. Cash for Clunkers
28. Chuck Schumer (D-NY): reasons too numerous to mention
29. Financial media in general
30. PPIP
31. Goldman Sachs
32. Harvey Pitt: former SEC head and serial apologist for SEC and FINRA
33. Chris Cox
34. SIPC: charged Wall Street firms annual premium of $150
35. Angelo Haligiannis: another Ponzi scum
36. Taylor, Bean, Whitaker: unscrupulous mortgage brokers
37. Walter Noel of Fairfield Greenwich: huge Madoff feeder fund
38. Ruth, Peter, Mark, Andrew and Shana Madoff: they didn’t know? stop it.
39. Robert Jaffe: more Madoff scum who raised big money for the snake
40. Sonny and Marcia Cohn of Cohmad Securities: more Madoff scum
41. Mary Schapiro: SEC Chair, former head of FINRA, owes America answers on many fronts
42. Robert Benmosche: head of AIG, sold AIG Asset Mgmt. for a song
43. Helmut Kiener: K-1 hedge fund scam
44. Raj Rajaratnam of Galleon Group
45. Jeffrey Picower: Madoff’s largest single investor…he didn’t know? stop it
46. Ben Nelson (D-NE), Mary Landrieu (D-LA), Chris Dodd (D-CT), him again: these three used and abused the legislative process during healthcare debate
47. Tiger Woods
48. Financial Regulatory Reform …nothing happened here.
49. John Edwards, Mark Sanford, Rod Blagoevich: what a pack of losers
50. Media, in general, have failed America
Sense on Cents 2009 Hall of Fame Inductees
1. Sheila Bair
2. Lew Rockwell: bank analyst
3. John Mauldin: Sense on Cents Economic All-Star
4. Larry Johnson: host of No Quarter
5. Kenneth Rogoff and Carmen Reinhart: outstanding economists
6. Jonathan Cuneo and Richard Greenfield: attorneys bringing suits against FINRA
7. Paul Volcker
8. Joe Saluzzi of Themis Trading
9. Laurie Goodman of Amherst Securities: top rated mortgage analyst
10. Sean D’Arcy of Northwestern Mutual
11. Paul Keating: former Prime Minister of Australia
12. Martin Feldstein: Harvard economist
13. Judge Lawrence McKenna: designated sales of ARS as a fraud
14. Jonathan Weil of Bloomberg
15. Susan Antilla of Bloomberg
16. Daniel Hannan: conservative member of European Parliament in UK
17. Rep. Thaddeus McCotter (R-MI)
18. Stephen Harper: Prime Minister of Canada
19. Edward Liddy: CEO of AIG, served for $1.00
20. Charles Bowsher: headed Office of Finance for FHLBs
21. George Rieger of Greenwich Investment Management
22. Bob Rodriguez of First Pacific Advisors: authored a treatise “Reflections and Outrage.” A MUST READ!
23. William K. Black: former bank regulator
24. Robert Reich: Clinton Secretary of Labor
25. Sin-Ming Shaw: authored a treatise “Crony Capitalism.” A MUST READ!
26. Jeff Gundlach: top rated money manager, formerly of TCW
27. Mike Duggan of DOMUS
28. Tom Lauria: attorney who represented Chrysler creditors, charged White House with threatening one of his clients
29. Clifford S. Asness: hedge fund manager wrote “Unafraid in Greenwich, CT”
30. Ronnie Sue Ambrosino: head of Madoff Coalition for Investor Protection
31. Helen Davis Chaitman: attorney representing Madoff investors
32. Genevievette Walker-Lightfoot: former SEC attorney investigating Madoff
33. Pete Peterson of The Peterson Foundation
34. Congressman Peter King of Long Island
35. Phil Trupp: author focused on auction-rate securities scandal
36. Dennis Kucinich, (D-OH)
37. Elizabeth Warren, overseer of TARP
38. John Wooden
39. Charlie Doyle, an honest politician
40. Joe the Plumber
41. Howard Kastel: securities attorney suing Nuveen for ARS fraud
42. Thomas Hoenig: head of Kansas City Fed
43. Colonel Elton Johnson Jr.: head of Amerivet Securities suing FINRA 44. Arianna Huffington
45. Judge Jed Rakoff
46. Erin Arvedlund: author of Too Good to Be True. Best book on Madoff
47. Peter Weinberg of Perella Weinberg: wrote great piece on Wall Street compensation
48. Marta Mossburg of Washington Examiner and Baltimore Sun
49. Tea Parties
50. Readers of Sense on Cents
From the above Fame and Shame lists, I believe the top three in each Hall deserve special recognition. On that note, the medals go to the following:
Hall of Fame
Gold Medal: Richard Greenfield, who called Mary Schapiro a liar during my interview with him on NQR’s Sense on Cents with Larry Doyle in October.
Silver Medal: Helen Davis Chaitman
Bronze Medal: Joe Saluzzi of Themis Trading
Hall of Shame
1. Gold Medal: Mary Schapiro, the centerpiece of the Wall Street-Washington incest
2. Silver Medal: Bernie Madoff, a special place in hell for this vermin
3. Bronze Medal: collectively, all participants in the Wall Street-Washington incest
That completes our ceremony. Thanks for your interest. Who did I miss? Who deserved a medal? Who would you have included? Who is undeservedly recognized here?
Who knew about this? You mean to tell me that this wonderful man has actually investigated and found wasteful spending? You are telling me he is castigating Nancy Pelosi for the House junkets to Copenhagen and Michelle Obama for her retinue of maids in waiting? You are saying he is cutting out all the useless bureaucrats who move paper IOU’s around the Capitol?
I love him/s
does anyone take this guy seriously?
Yes, but they think we are like the MSM which are mindless Stormtroopers-you don't see any of them questioning them on their facts and figures.
They just nod their heads in agreement, 'yes, increase spending to decrease the deficit' that makes perfect sense to them!
Must be that new math.
He always gets a bump in the polls after a speech. Let’s hope that those that go on there feelings instead of facts aren’t the ones voting.
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