Yes, Obama’s spending binge did happen — all of it, like Obama’s unprecedented deficits, on his watch.
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In sharp contrast to Reagan (of course), Obama’s first major legislative initiative was the so-called stimulus, which increased future federal spending by nearly a trillion dollars, the most expensive legislation in history up till that point. We know now, as thinking people knew at the time, that this record shattering spending bill only stimulated government spending, deficits and debt. Contrary to official Democrat Keynesian witchcraft, you don’t promote economic recovery, growth, and prosperity by borrowing a trillion dollars out of the economy to spend a trillion dollars back into it.
Obama’s Spending Binge
But that was just a warm up for the Swedish socialist in American drag. Obama worked with Pelosi’s Democrat Congress to pass an additional, $410 billion, supplemental spending bill for fiscal year 2009! As Ann Coulter, far sharper than Nutting and relying on far better economists, explains, “Obama didn’t come in and live with the budget Bush had approved. He immediately signed off on enormous spending programs that had been specifically rejected by Bush. This included a $410 billion spending bill that Bush refused to sign before he left office. Obama signed it on March 10, 2009.” But in the fairy tale by Nutting, who appears to have been a lot more than one toke over the line when authoring his story, that spending is attributed to the evil and notorious President Bush.
Next in 2009 came a $40 billion expansion in the SCHIP entitlement program, as if we didn’t already have way more than too much entitlement spending. But that was just a warm-up to the biggest single spending bill in world history, Obamacare, enacted in March, 2010. That legislation, not yet even counted in Obama’s spending record so far because it mostly does not go into effect until 2014, is now scored by CBO as increasing federal spending by $1.6 trillion in the first 10 years alone, with trillions more to come in future years. Indeed, as explained in detail in my 2011 book, America’s Ticking Bankruptcy Bomb, that is surely still a gross underestimate.
After just one year of the Obama spending binge, federal spending had already rocketed to 25.2 percent of GDP, the highest in American history except for World War II. That compares to 20.8 percent in 2008, and an average of 19.6 percent during Bush’s two terms. The average during President Clinton’s two terms was 19.8 percent, and during the 60-plus years from World War II until 2008 — 19.7 percent. Obama’s own budget released in February projects the average during the entire four years of the Obama Administration to come in at 24.4 percent in just a few months. That is an enormous, postwar record, undeniable spending binge. These are facts, not opinions over which reasonable people can differ.
President Obama’s 2013 budget actually proposes to spend $47 trillion over the next 10 years. That Obama budget itself shows federal spending increasing from $2.983 trillion in 2008 to $3.796 trillion in 2012, an increase of 27.3 percent. Obama has already increased the federal government indefinitely by roughly one-fourth in just one term, with more, much more, to come. But Nutting puts his spectacles on, looks into his microscope, peers out through his telescope, and just can’t find Obama’s spending binge anywhere.
To even compare this spending record to President Eisenhower is disgracefully dishonest, and everyone parroting this theme in the media is just self-identifying themselves as the party controlled press. When he came into office in 1953, Eisenhower cut federal spending that year of $76.1 billion, already just 2 percent of Obama’s spending this year, to $70.9 billion in 1954, and again to $68.4 billion in 1955. Federal spending did not really climb above the 1953 level until 1958. During his first term, Eisenhower slashed federal spending from 20.4 percent of GDP when he came into office in 1953 to 16.5 percent of GDP in 1956, when he was so rightly rewarded with reelection. In sharp contrast, President Obama as noted above did just the opposite in increasing federal spending by roughly the same amount as a percent of GDP in his one term.
But for liberal socialists like Nutting, Ed Schultz, Rachel Maddow, and David Cay Johnston to even talk about federal budget numbers is like small children playing with matches.
Moreover, before Obama there had never been a deficit anywhere near $1 trillion. The highest previously was $458 billion, or less than half a trillion, in 2008. The federal deficit for the last budget adopted by a Republican-controlled Congress was $161 billion. But the budget deficits for Obama’s four years were reported in Obama’s own 2013 budget as $1.413 trillion for 2009, $1.293 trillion for 2010, $1.3 trillion for 2011, and $1.327 trillion for 2012, four years in a row of deficits of $1.3 trillion or more. This is why Rep. Jeb Hensarling (R-TX) told Obama to his face that the annual deficits under the Republicans have become the monthly deficits under the Democrats.
President Obama’s own budget released in February shows that as a result federal debt held by the public will double during Obama’s four years as President. That means in just one term President Obama has increased the national debt as much as all prior Presidents, from George Washington to George Bush, combined.
Moreover, as Bader also carefully reported in the Examiner, “If Obama had his way, spending would be even bigger than it is, since the Congress has not approved as much spending as Obama sought in his budget proposals, as Nutting himself conceded. As [CBO] noted, ‘The President’s proposals would add $4.8 trillion to the national debt,’ increasing the cumulative deficit from 2010 to 2019 to $9.3 trillion.”
Nutting tries to credit Obama with the slight spending restraint enacted in “the budget that was agreed to last August.” But agreed to with whom? That would be the Republican House majority, which was elected in November 2010 in a New Deal size landslide, precisely to shut down Obama. But as the Journal editorial page also explained last weekend, “Every time House Republicans have tried to cut more spending since 2010, Mr. Obama has fought them tooth and claw.” Indeed, Obama has spent the past year denouncing the House Republicans for the modest spending cuts they imposed on him as part of that 2011 debt limit deal. As too many have not noticed, that House Republican majority has passed spending cut after spending cut, all to be bitterly opposed by Obama and the Senate Democrats, who have refused to even consider any of them.
But that Republican House majority has succeeded at least in slowing the Obama spending binge, as the American people elected them to do over the hysterical objections of Obama. That modest spending growth slowdown consequently cannot be credited to Obama, Nutting to the contrary notwithstanding.
This is all what Romney meant when he talked about President Obama’s “debt and spending inferno,” which Nutting devotes his short story to ridiculing. But Nutting’s analysis is so confused and disoriented that he cannot even comment on the federal spending, deficit and debt issue intelligently.
It’s All About Ryan v. Obama
The difference between the parties on federal spending, deficits and debt is defined for the 2012 election by the difference between the Ryan budget and the Obama budget proposed this year. Ryan’s budget effectively repeals the Obama Administration, restoring federal spending and taxes to their long term, post World War II levels, which were fairly stable over 60 plus years, consistent with booming, world leading American prosperity, until Obama. Ryan’s budget consistently reduces federal debt as a percent of GDP to manageable, modest levels, solving the looming debt crisis. Ultimately, in fact, under Ryan’s reforms to be enacted today, not future spending cuts, the federal debt eventually goes to zero.
Under Obama’s budget, by contrast, all of this spins wildly out of control, ultimately crashing America. On our current course, as projected by CBO, under Obama budget policies federal spending explodes to 30 percent of GDP by 2027, 40 percent by 2040, 50 percent by 2060, and 80 percent by 2080. With state and local spending, total government spending approaches the Communist Party nirvana of near 100 percent. Moreover, under those policies, federal debt held by the public rockets to 140 percent of GDP by 2030, 220 percent by 2040, and 320 percent by 2050, on its way to over 700 percent by 2080. That would undoubtedly create a Grecian style sovereign debt crisis for America before that point.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?