Skip to comments.The Obama Spending Record
Posted on 05/30/2012 4:57:54 PM PDT by Oldeconomybuyer
Every journalist not in the re-election tank has been shredding President Obama's recent claim that spending growth has been modest on his watch. But kudos in particular to the Associated Press for hitting several White House accounting gimmicks in a dispatch last week.
Team Obama has lately been arguing that the astronomical spending blowout of fiscal 2009 was President Bush's fault and that outlays have since climbed only moderately. This means ignoring that Mr. Obama's $831 billion stimulus was enacted during that notorious fiscal year that straddles both presidencies. And AP cataloged various other distortions embedded in the Obama claim. For example, early in his term Mr. Obama signed an omnibus appropriations bill that also increased spending in fiscal 2009. This was less than a month after the stimulus.
Beyond the AP report, it's also worth noting that Mr. Obama endorsed other 2009 spending that he now blames for today's deficits. As a senator, Mr. Obama was habitually absent during significant votes. But one that he did show up for in 2008 was the Senate's vote on the 2009 budget resolution, and he voted "yes." Mr. Obama showed up again in the fall to vote for TARP. One can reasonably label this as Bush spending, but it occurred with an explicit Obama approval.
Where Senator Obama did oppose the spending patterns of the Bush years, it was often, as with Medicaid, because Mr. Obama wanted to spend more. Speaking of health care, and given all of this attention on the Obama spending history, it should not be forgotten that the big taxpayer bills generated by ObamaCare are still to come.
(Excerpt) Read more at online.wsj.com ...
Obama has spent at truly insane levels of spending. But if we think that getting rid of Obama will solve the problem, we are kidding ourselves. Every modern president other than perhaps Reagan spent like a drunken sailor. The system is set up to spend money. “Conservative” Bush spent like there was no tomorrow and added entitlements with costs that will skyrocket. So did his father. Even Clinton did and was only held back for a short time by a Republican Congress, which ultimately threw in the towel and opened up the spending spigot toward the end of Clinton’s term and during Bush’s term. We have to change the institutions and how budgeting is done. And we have to chop 20% to 30% off of NEXT year’s budget from this year’s actual budget. Not cut the rate of growth but actually cut 20%.
In Q1 2012, GDP rose $142 billion, while debt rose $359 billion. In other words, it took nearly $2.50 in debt to generate $1.00 in GDP.
So much for Dems ‘multiplier’!