Posted on 05/24/2012 2:37:05 PM PDT by mojito
In a column on Tuesday, Rex Nutting of MarketWatch ran some budget numbers and concluded the following:
"Almost everyone believes that Obama has presided over a massive increase in federal spending, an “inferno” of spending that threatens our jobs, our businesses and our children’s future. Even Democrats seem to think it’s true. But it didn’t happen...."
The shocking, contrarian piece was widely circulated in liberal circles and was even cited on Wednesday by White House spokesman Jay Carney.
But there were a few problems with Nutting’s numbers....
(Excerpt) Read more at blog.american.com ...
See the graph at the link.
NUTjob ping
Statistics are like a bikini. What they reveal is
suggestive, but what they conceal is vital.”
Aaron Levenstein
I don't expect it but a President Romney and a Republican congress would do the people a great service by instituting zero-based budgeting.
Where did the money go?
Yes indeed. And this Rex Nutting idiot came up with his "surprise" spending figures by attributing the money spent from the stimulus bill to George Bush!
The lies liberals tell never cease to amaze.
Another thing that is of interest is, there is NEVER, EVER a spending cut shown and yet every political cycle there is screaming of draconian cuts to lazy, worthless, unproductive deadbeats.
Lots of offshore accounts.
Figures lie and liars figure, right?
But — spending is controlled by Congress. Yes, presidents sign off on bills and propose a budget, but the Congress reshapes and adds and twists. The pursestrings are not held by the Executive, but by the House Ways and Means Committee.
Why do we always put spending under each president rather than the majority Congressional party?
To line the pockets of his donors and cronies.
But apropos of your comment, and I wish I could remember where, but somewhere I read that in the recent period of Democrat control of the House from 2007 to 2011 that government spending was up 37%.
“But — spending is controlled by Congress. “
Spot on, my man. Here are the federal deficits for the end of the Bush admin / beginning of the Obama regime:
2007: $161 billion deficit; last year of GOP congress budget
2008: $459 billion deficit; Pelosi/Reed budget kicks in
2009: $1413 billion deficit; Pelosi/Reed/Obama budget in high gear
2010: $1293 billion deficit; as above
2011: $1300 billion deficit; donkey spending on autopilot as Reed refuses to pass a budget
2012: $1327 billion deficit; GOP house cannot cut as Reed senate goes another year without a budget
2013: $1 trillion+ deficit projected as Senate keeps donkey spending on autopilot by not submitting 2012 budget.
The Bush Tax Cuts and the Deficit Myth —
Runaway government spending, not declining tax revenues, is the reason the U.S. faces dramatic budget shortfalls for years to come.
With Washington set to tax $33 trillion and spend $46 trillion over the next decade, how does one determine which policies “caused” the $13 trillion deficit? Mr. Obama could have just as easily singled out Social Security ($9.2 trillion over 10 years), antipoverty programs ($7 trillion), other Medicare spending ($5.4 trillion), net interest on the debt ($6.1 trillion), or nondefense discretionary spending ($7.5 trillion).
There’s no legitimate reason to single out the $4.7 trillion in tax cuts, war funding and the Medicare drug entitlement. A better methodology would focus on which programs are expanding and pushing the next decade’s deficit up.
Entitlements and other obligations are driving the deficits. Specifically, Social Security, Medicare, Medicaid and net interest costs are projected to rise by 5.4% of GDP between 2008 and 2020. The Bush tax cuts are a convenient scapegoat for past and future budget woes. But it is the dramatic upward arc of federal spending that is the root of the problem.
And yet, the “centrist” and “independent” morons of this country think we need a “balanced” approach to deficit reduction. Reduce the federal budget by 25% from this year’s level. Do it NEXT YEAR. Not over 10 years. We will have a recession and then the economy will boom. It happens EVERY TIME governments cut spending to balance a budget.
The graph? Look at Nutter’s photo, it’s obvious he’s a psychopath.
and America got NOTHING for it AT ALL!!! it all went to line the pockets of him and his fellow travelers...
Obama’s biggest problem in this upcoming election is that if all of his media outlets proclaimed that he cut spending every year, the American public can see that is untrue by simply going shopping. People with little understanding of finance & economics are now understanding why their dollar today buys so much less (of gasoline, groceries, gold, whatever), and they are furious about it.
Dems pin CBO numbers on Bush and GOP
http://thehill.com/blogs/blog-briefing-room/news/78061-dems-pin-cbo-numbers-on-bush-and-gop
Democrats pinned a new budget report Tuesday showing high deficits and a “muted” economic recovery on GOP control of the White House and Congress over the past decade.
House Democratic leaders said a report by the Congressional Budget Office (CBO) showing a $1.35 trillion deficit in 2010 was the result of policies put in place by President George W. Bush and Republicans in Congress, who controlled the House and Senate until the 2006 elections.
“Today’s CBO report is a clear reminder of the Bush and Republican Congress-era policies that have resulted in the loss of millions of jobs, led to the worst recession since the Great Depression, and turned record surpluses under the Clinton Administration into record deficits,” House Speaker Nancy Pelosi (D-Calif.) said in a statement.
The CBO report also predicted a “muted” economic recovery in the coming years, which Democrats in the House and Senate hope to address through a new spending bill focused on job growth in the coming weeks.
“90 percent of the projected deficit is due to the cost of the Bush economic collapse and Bush policies like his unpaid for tax cuts for the wealthy,” said House Democratic Caucus Chairman John Larson (Conn.), the fourth-ranking member of the House. “The devastating fiscal hole he left us in was far worse than anyone could have imagined.”
To deal with budget deficits, President Barack Obama and congressional Democrats are considering a number of options to rein in federal spending. The Obama administration announced a freeze in non-military discretionary spending on Monday evening to kick off that effort, and the administration will release its full budget next week.
On the congressional end, leaders have urged passing statutory PAYGO legislation, which would require new spending to be offset by cuts or taxes. Obama has also endorsed legislation to establish a bipartisan deficit reduction commission, though the Senate voted that down on Tuesday.
“The failed policies of the last 8 years” includes 4 years on Dem control of congress and 1 year of Obama. Do they think people don’t know this?
The Obama Debt Tracker - $1.7 trillion of debt in his first year
http://www.treasurydirect.gov/NP/BPDLogin?application=np
At this rate, the Obama administration would accumulate close to $7 trillion of new debt in just one term alone, more than the nearly $5 trillon that president Bush accumulated in eight years.
Obama administration adding $3 million per minute to national debt
An overwhelming majority, if not every single American cannot begin to comprehend the astronomical deficits and debt projections flowing from Washington these days. The Obama Administration and congressional Democrats have done an outstanding job of breaking down uninsured statistics into smaller more understandable numbers such as their 14,000 newly uninsured claim. Yet, when it comes to deficits and the national debt, no one in Washington seems to want the public to understand just how much money they are spending. Politicians talk in dollar amounts that no American, even the richest among us, will ever truly comprehend. As a result, in conjunction with PDOP, I have broken the numbers down for you.
The Obama administration released in the past 2 weeks revised projections that the 2009 deficit will amount to just shy of $1.6 Trillion dollars and that their long term budget projections will create $9 Trillion dollars of deficits in the next ten years. More than a year ago for another organization, I excoriated the Bush Administration for years of unchecked government spending culminating in the single largest deficit in US history. At the time, that budget deficit of half a Trillion dollars amounted to over $1 million dollars a minute in new national debt; an debt level that simply is not sustainable. With no balance of power in Washington this year, the drunken spending of politicians has tripled the record breaking Bush deficit, creating a phenomenal $3 million of new national debt every single minute (not total government spending, but new government debt). As a result, during the 8 hours of time you will spend at work today, the US government will go more than $1.4 billion into debt.
Just how much debt does $3 million a minute equate to? Consider the fact that the average American...
Read more at examiner.com ...
That’s only $36 a day for every man woman and child, or $144 per day for a family of four.
That’s not too much is it? I mean who doesn’t have an extra $144 to toss to Uncle Obama every day?
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