When Obama took the oath of office, the $789 billion bank bailout had already been approved. Federal spending on unemployment benefits, food stamps and Medicare was already surging to meet the dire unemployment crisis that was well under way. See the CBO’s January 2009 budget outlook.
Obama is not responsible for that increase, though he is responsible (along with the Congress) for about $140 billion in extra spending in the 2009 fiscal year from the stimulus bill, from the expansion of the children’s’ health-care program and from other appropriations bills passed in the spring of 2009.
If we attribute that $140 billion in stimulus to Obama and not to Bush, we find that spending under Obama grew by about $200 billion over four years, amounting to a 1.4% annualized increase.
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).
If you haven’t heard by now, there’s a bill in the U.S. House of Representatives that includes an amendment that would ban military sponsorships of NASCAR race teams.
Not surprisingly, all of NASCAR seems completely outraged by this. From drivers to media to fans, there’s a level of disgust that Congress would dare cut the amount of tax dollars being spent on sponsorships for Dale Earnhardt Jr.’s National Guard car and Ryan Newman’s U.S. Army car, among others.
But is Congress really doing the wrong thing?
USA Today quoted a National Guard spokesman last week who revealed some shocking numbers: In the 2012 fiscal year, nearly 25,000 individuals contacted the Guard because of Earnhardt Jr.’s sponsorship.
But of those people, only 20 people were actually qualified candidates. And get this: NONE actually joined the National Guard.
So at a cost of $26 million to taxpayers, the National Guard added a total of zero recruits directly due to its sponsorship of the No. 88 car.
Check the story for the hateful tweets sent to Rep. Betty McCollum, a Minnesota Democrat who has tried to ban the sponsorship. I thought Republicans were all about spending cuts.
If you look at this chart carefully, it shows how Congress responds differently to recessions when Republicans or Democrats are in the White House.
Reagan got most of the stimulus spending he wanted even when Democrats controlled Congress.
Obama got less of the…
(re)Posted without comment. #occupywallst #99percent #tfly
Now, in actual fact, the 1990 budget deal — along with the 1993 deficit reduction program passed under Bill Clinton with exclusively Democratic support — was literally the only successful example of shrinking government in the last three decades. Note the sharp, anomalous decline in spending beginning in 1990