Obama Spending Binge Never Happened - Wall Street Journal

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posted on May, 24 2012 @ 01:35 PM
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This from the conservative Wall Street Journal's Marketwatch..

Government outlays rising at slowest pace since 1950s



Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree.

As would-be president Mitt Romney tells it: “I will lead us out of this debt and spending inferno.”

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. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.





Even hapless Herbert Hoover managed to increase spending more than Obama has.

Here are the facts, according to the official government statistics:

• In the 2009 fiscal year — the last of George W. Bush’s presidency — federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget.

• In fiscal 2010 — the first budget under Obama — spending fell 1.8% to $3.46 trillion.

• In fiscal 2011, spending rose 4.3% to $3.60 trillion.

• In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office’s estimate of the budget that was agreed to last August.

• Finally in fiscal 2013 — the final budget of Obama’s term — spending is scheduled to fall 1.3% to $3.58 trillion. Read the CBO’s latest budget outlook.

Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4%.

There has been no huge increase in spending under the current president, despite what you hear.




Why do people think Obama has spent like a drunken sailor?

What people forget (or never knew) is that the first year of every presidential term starts with a budget approved by the previous administration and Congress.

The 2009 fiscal year, which Republicans count as part of Obama’s legacy, began four months before Obama moved into the White House. The major spending decisions in the 2009 fiscal year were made by George W. Bush and the previous Congress.

Before Obama had even lifted a finger, the CBO was already projecting that the federal deficit would rise to $1.2 trillion in fiscal 2009. The government actually spent less money in 2009 than it was projected to, but the deficit expanded to $1.4 trillion because revenue from taxes fell much further than expected, due to the weak economy and the emergency tax cuts that were part of the stimulus bill.




After adjusting for inflation, spending under Obama is falling at a 1.4% annual pace — the first decline in real spending since the early 1970s, when Richard Nixon was retreating from the quagmire in Vietnam.

In per capita terms, real spending will drop by nearly 5% from $11,450 per person in 2009 to $10,900 in 2013 (measured in 2009 dollars).


The whole article is just 2 pages and worth a read...And before anybody shouts this is a "socialist spin" piece...this is Marketwatch and the Wall Street Journal...no fans of Obama and the article takes shots where it can, but numbers are numbers...

In short he is measuring the rate of spending increases and Obama has slowed and even reversed spending more than any POTUS in 60 years.

See here and I am interested on opinions...and more interested in opinions with real numbers to back them up.

articles.marketwatch.com...




posted on May, 24 2012 @ 01:44 PM
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A graphic to help...




posted on May, 24 2012 @ 01:47 PM
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When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.



posted on May, 24 2012 @ 01:57 PM
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You're not gonna make any fans with this thread lol This is so not what people want to hear. I have no love of Obama, however I never thought "spending" was the reason to hate him. It just seemed ridiculous to me that taking over from the Bush administration he wouldn't have to fix a certain amount of problems by throwing money at them.



posted on May, 24 2012 @ 01:58 PM
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reply to post by AnonymousCitizen
 


You act like he did that singlehandedly. Which you and I both know is not the case.



posted on May, 24 2012 @ 02:01 PM
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Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


How much of that debt was added in 2009 under the Bush budget?



posted on May, 24 2012 @ 02:02 PM
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Originally posted by Malynn
reply to post by AnonymousCitizen
 


You act like he did that singlehandedly. Which you and I both know is not the case.


Agreed, but he did have the most influence. His party controlled both houses of congress for the first two years.

And I agree with your other post too. His spending is not my biggest complaint either.
edit on 5/24/12 by AnonymousCitizen because: fix typos



posted on May, 24 2012 @ 02:02 PM
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Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


(a) Bush started at 5.7869 Trillion and increased spending to almost double that to 9.986 Trillion, plus passed a fiscal budget with over Trillion tacked on for Obama before he stepped through the Whitehouse door...the federal fiscal 2009 budget was passed in 2008.

(b) debt is not dependant only on spending...it is dependant also on revenues and tax reciepts fell off a cliff during the recession, more so than any politician or analyst expected.

The fact remains that Pres. Obama has slowed the rate of spending more than any POTUS in 50 years.



posted on May, 24 2012 @ 02:05 PM
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Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


---------
The American people want solutions not deceptive liberal troll graphs.


Obama spending has been out of control ever since he walked into the

White House. The US economy grew but not fast enough to keep up with

big spender Obama.

This chart reveals the truth.





posted on May, 24 2012 @ 02:07 PM
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post removed because the user has no concept of manners

Click here for more information.



posted on May, 24 2012 @ 02:09 PM
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reply to post by BritofTexas
 


Ann Coulter tried to discount it as a "Blame Bush" piece and Salon straightened her out...It answers your question...even GWB's Stimulas was counted in Obama's column...and he still has "increased spending" less than any potus in a half century..



Coulter goes even further (of course). “It turns out Rex Nutting, author of the phony Marketwatch chart, attributes all spending during Obama’s entire first year, up to Oct. 1, to President Bush.” (The italics are in the original; they’re where the good writing is supposed to be.) She continues: “That means, for example, the $825 billion stimulus bill, proposed, lobbied for, signed and spent by Obama, goes in … Bush’s column.”

Shockingly, Coulter is … wrong. First of all, only about $120 billion of the stimulus was spent in fiscal year 2009 – and Nutting counted it in Obama’s column. He also included new funds appropriated under Obama and the Democratic congressional majority for the child health insurance program and other projects. And it says so quite clearly on the nifty chart Coulter finds fault with: $140 billion spent in the 2009 budget year is plainly attributed to Obama. It also says so in the text of the story, for people who don’t read charts.

“I attributed all the new spending I could find to Obama,” Nutting told me in an email.

www.salon.com...



posted on May, 24 2012 @ 02:09 PM
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Originally posted by Eurisko2012

Originally posted by Indigo5

Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


(a) Bush started at 5.7869 Trillion and increased spending to almost double that to 9.986 Trillion, plus passed a fiscal budget with over Trillion tacked on for Obama before he stepped through the Whitehouse door...the federal fiscal 2009 budget was passed in 2008.

(b) debt is not dependant only on spending...it is dependant also on revenues and tax reciepts fell off a cliff during the recession, more so than any politician or analyst expected.

The fact remains that Pres. Obama has slowed the rate of spending more than any POTUS in 50 years.


Put down the bong and step away from the keyboard.

Your troll charts will convince no one.


Yes, The Wall Street Journal.

That well known Liberal Media outlet



posted on May, 24 2012 @ 02:12 PM
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Originally posted by Eurisko2012

The American people want solutions not deceptive liberal troll graphs.




You mean the Graph published in the WALL STREET JOURNAL??



posted on May, 24 2012 @ 02:12 PM
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Originally posted by Indigo5

Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


(a) Bush started at 5.7869 Trillion and increased spending to almost double that to 9.986 Trillion, plus passed a fiscal budget with over Trillion tacked on for Obama before he stepped through the Whitehouse door...the federal fiscal 2009 budget was passed in 2008.

(b) debt is not dependant only on spending...it is dependant also on revenues and tax reciepts fell off a cliff during the recession, more so than any politician or analyst expected.

The fact remains that Pres. Obama has slowed the rate of spending more than any POTUS in 50 years.


It took Bush eight years to add just over $4 trillion in debt.
It took Obama three and a half year to add the next $5.76 trillion.
BOTH of these Presidents spent like drunk fools.

It is absurd to argue that Obama slowed the rate of spending. I'm sure that can't be what you meant to say. You probably meant the rate of increase of spending, but like you said, that only shows half the picture. When revenues fall, one must also decrease spending. If not, you get ridiculously high deficits and a sky rocketing debt.
edit on 5/24/12 by AnonymousCitizen because: more typos



posted on May, 24 2012 @ 02:15 PM
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Part of the difficulty with this piece is that it attributes all of the 2009 spending to Bush. That includes the $825 billion stimulus bill that Obama fought for. He proposed it, signed it and spent it. There was also a $140 billion spending bill that Bush refused to sign, Obama signed it March 10, 2009. The Child Health Care bill worth $40 billion was created entirely under Obama, yet it's counted as Bush spending. And on and on.

I'm not arguing with the numbers, but what the numbers are called.



posted on May, 24 2012 @ 02:16 PM
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reply to post by BritofTexas
 


Smoke and mirrors won't work.

Our Gross Debt to GDP ratio is over 100%.

It happened on Obamas watch.

---------
The American people want solutions to this current economic s t a g n a t i o n .

Fancy charts do not create jobs.

Do something constructive and stop writing - u n e n d i n g - regulations.

Your charts are a - d i s t r a c t i o n -. Nice try.

We need jobs not liberal BS.
edit on 24-5-2012 by Eurisko2012 because: (no reason given)



posted on May, 24 2012 @ 02:18 PM
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Originally posted by Eurisko2012

Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


---------
The American people want solutions not deceptive liberal troll graphs.


Obama spending has been out of control ever since he walked into the

White House. The US economy grew but not fast enough to keep up with

big spender Obama.

This chart reveals the truth.




I noticed, the highest part on your chart - the part to the RIGHT is when the

Republican House was/is in control... So does that mean they are the biggest

spenders in history?

see where it says 2010 - 2012 ->

And are we forgetting that the Executive branch does not set spending?
edit on 24-5-2012 by Beanskinner because: (no reason given)



posted on May, 24 2012 @ 02:20 PM
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Originally posted by AnonymousCitizen

It took Bush eight years to add just over $4 trillion in debt.
It took Obama three and a half year to add the next $5.76 trillion.
BOTH of these Presidents spent like drunk fools.


Revenues - Spending = Deficet
10 -11 = -1
8 - 11 = -3

Spending unchanged....not sure how else to explain it? I keep saying spending...you keep saying debt.


Originally posted by AnonymousCitizen

It is absurd to argue that Obama slowed the rate of spending. I'm sure that can't be what you meant to say.


I get the feeling you didn't actually read the article. Please give it a read and we can pick up the debate from there?



posted on May, 24 2012 @ 02:20 PM
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Originally posted by AnonymousCitizen

Originally posted by Indigo5

Originally posted by AnonymousCitizen
When President Obama took office in 2009 the U.S. Debt = $9.986 trillion
Today, US the debt rises to $15.75 trillion.

Obama has added $5.764 trillion to the U.S. debt, so far.


(a) Bush started at 5.7869 Trillion and increased spending to almost double that to 9.986 Trillion, plus passed a fiscal budget with over Trillion tacked on for Obama before he stepped through the Whitehouse door...the federal fiscal 2009 budget was passed in 2008.

(b) debt is not dependant only on spending...it is dependant also on revenues and tax reciepts fell off a cliff during the recession, more so than any politician or analyst expected.

The fact remains that Pres. Obama has slowed the rate of spending more than any POTUS in 50 years.


It took Bush eight years to add just over $4 trillion in debt.
It took Obama three and a half year to add the next $5.76 trillion.
BOTH of these Presidents spent like drunk fools.

It is absurd to argue that Obama slowed the rate of spending. I'm sure that can't be what you meant to say. You probably meant the rate of increase of spending, but like you said, that only shows half the picture. When revenues fall, one must also decrease spending. If not, you get ridiculously high deficits and a sky rocketing debt.
edit on 5/24/12 by AnonymousCitizen because: more typos


But if you cut the amount of money in circulation, you get further recession because private

forces are not investing or hiring either.



posted on May, 24 2012 @ 02:24 PM
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reply to post by Beanskinner
 


Obama decided not to reform the big three while in office.

Social Security - Medicare - Medicaid

Also millions of Americans have jumped out of the workforce during the last 3 years.

That translates into less payroll taxes.


edit on 24-5-2012 by Eurisko2012 because: (no reason given)






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