OBAMANOMICS

OBAMA LIES BIG ABOUT BEING SPEND THRIFT, FACTS SPEAK OTHERWISE……

 

Bull-sh*t-o-meter throwing springs and sprockets.

Obama is so full of crap it’s pathetic, and anyone who buys into his crap really is going to have egg on his/her face when it’s all over.

Via: Weasel Zippers

The facts about the growth of spending under Obama

“I simply make the point, as an editor might say, to check it out; do not buy into the BS that you hear about spending and fiscal constraint with regard to this administration. I think doing so is a sign of sloth and laziness.”

— White House spokesman Jay Carney, remarks to the press gaggle, May 23, 2012

The spokesman’s words caught our attention because here at The Fact Checker we try to root out “BS” wherever it occurs.

Carney made his comments while berating reporters for not realizing that “the rate of spending — federal spending — increase is lower under President Obama than all of his predecessors since Dwight Eisenhower, including all of his Republican predecessors.” He cited as his source an article by Rex Nutting, of MarketWatch, titled, “Obama spending binge never happened,” which has been the subject of lots of buzz in the liberal blogosphere.

But we are talking about the federal budget here. That means lots of numbers — numbers that are easily manipulated. Let’s take a look.

The Facts

First of all, there are a few methodological problems with Nutting’s analysis — especially the beginning and the end point.

Nutting basically takes much of 2009 out of Obama’s column, saying it was the “the last [year] of George W. Bush’s presidency.” Of course, with the recession crashing down, that’s when federal spending ramped up. The federal fiscal year starts on Oct. 1, so the 2009 fiscal year accounts for about four months of Bush’s presidency and eight of Obama’s.
In theory, one could claim that the budget was already locked in when Obama took office, but that’s not really the case. Most of the appropriations bills had not been passed, and certainly the stimulus bill was only signed into law after Obama took office.

Bush had rescued Fannie and Freddie Mac and launched the Troubled Asset Relief Program, which depending on how you do the math, was a one-time expense of $250 billion to $400 billion in the final months of his presidency. (The federal government ultimately recouped most of the TARP money.) So if you really want to be fair, perhaps $250 billion of that money should be taken out of the equation — on the theory that it would have been spent no matter who was president.

Nutting acknowledges that Obama is responsible for some 2009 spending but only assigns $140 billion for reasons he does not fully explain. (Update: in an email Nutting says he attributed $120 billion to stimulus spending in 2009, $5 billion for an expansion of children’s health care and $16 billion to an increase in appropriations bills over 2008 levels.)

On the other end of his calculations, Nutting says that Obama plans to spend $3.58 trillion in 2013, citing the Congressional Budget Office budget outlook. But this figure is CBO’s baseline budget, which assumes no laws are changed, so this figure gives Obama credit for automatic spending cuts that he wants to halt.

The correct figure to use is the CBO’s analysis of the president’s 2013 budget, which clocks in at $3.72 trillion.
So this is what we end up with:

2008: $2.98 trillion
2009: $3.27 trillion
2010: $3.46 trillion
2011: $3.60 trillion
2012: $3.65 trillion
2013: $3.72 trillion

Under these figures, and using this calculator, with 2008 as the base year and ending with 2012, the compound annual growth rate for Obama’s spending starting in 2009 is 5.2 percent. Starting in 2010 — Nutting’s first year — and ending with 2013, the annual growth rate is 3.3 percent. (Nutting had calculated the result as 1.4 percent.

More here.

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