Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Marketwatch’

A: 1.4% Q: What is the annualized spending growth rate under Obama & lowest rate of any president since Reagan?

Posted by Warm Southern Breeze on Wednesday, June 13, 2012

Who’s the Biggest Spender? Obama or Bush?

By BRUCE BARTLETT, The Fiscal Times June 1, 2012

Lately, there has been some controversy about the growth of spending under Barack Obama. It began on May 22 with a column by Rex Nutting of MarketWatch, which concluded that the rate of growth of federal spending under Obama has actually been trivial compared to the last 4 presidents.

According to Nutting’s calculations, spending has grown only 1.4 percent per year under Obama – one-fifth the rate under Ronald Reagan and George W. Bush. Following is a chart accompanying the article.

There has been a considerable amount of debate about Nutting’s calculations, which fly in the face of Republican dogma. Much involves technical accounting issues, such as how to allocate spending during fiscal year 2009. This is important because fiscal year 2009 began on September 1, 2008 during Bush’s administration, reflecting his priorities. By the time Obama took office on January 20, 2009 the fiscal year was almost half over; he didn’t submit his first budget until February 26, 2009 and the fiscal year 2010 budget is really the first one that reflected his priorities.

Nutting assigned the bulk of fiscal year 2009 spending to Bush, an assumption that other analysts have questioned. Glenn Kessler of the Washington Post found that Nutting overstated his argument in various ways. But the PoliFact site of the Tampa Bay Times concluded that the Nutting column was essentially correct.

Aside from the political implications, the reason this debate is important is because there is a tendency for people to conflate spending, deficits and debt, as well as confusing rates of change with absolute levels.

The difference between Read the rest of this entry »

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Who’s a federal budget hawk? Would you guess President Barack Obama?

Posted by Warm Southern Breeze on Friday, May 25, 2012

Wasn’t it on Dragnet, that character Sergeant Joe Friday made famous this line: Just the facts, Ma’am.”

And then, there’s Reagan, who TRIPLED our national debt, and Bush II whose Iraq War, Wall Street deregulation gave us TARP, and more…

Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It’s Barack Obama?

5/24/2012 @ 6:33PM |22,212 views

It’s enough to make even the most ardent Obama cynic scratch his head in confusion.

Amidst all the cries of Barack Obama being the most prolific big government spender the nation has ever suffered, Marketwatch is reporting that our president has actually been tighter with a buck than any United States president since Dwight D. Eisenhower.

Who knew?

Check out the chart –

Presidential Spending Reagan-Obama

Presidential Spending Reagan-Obama

So, how have the Republicans managed to pursuade Americans to buy into the whole “Obama as big spender” narrative?

It might have something to do with the first year of the Obama presidency where the federal budget increased a whopping 17.9% —going from $2.98 trillion to $3.52 trillion. I’ll bet you think that this is the result of the Obama sponsored stimulus plan that is so frequently vilified by the conservatives…but you would be wrong.

The first year of any incoming president term is saddled—for better or for worse—with the budget set by the president whom immediately precedes the new occupant of the White House. Indeed, not only was the 2009 budget the property of George W. Bush—and passed by the 2008 Congress—it was in effect four months before Barack Obama took the oath of office.

Accordingly, the first budget that can be blamed on our current president began in Read the rest of this entry »

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