MARKETWATCH: Obama spending binge never happened (Congress, statistics, March, dollars)
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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.
Revenues minus spending is deficit/surplus. Either variable can cause deficit or surplus.
Year 1, I earn $100,000 and spend $100,000, net=0
Year 2, I earn $100,000 and spend $100,000, net=0
Year 3, I earn $100,000 and spend $100,000, net=0
Year 4, I earn $50,000 and spend $100,000, net=-$50,000
I have a $50,000 debt but was more spending responsible for it? No
Receipts (in millions of dollars):
2010 2,162,724
2011 2,303,466
Senate never presented the FY09 budget to Bush. They held it for Obama to sign.
"He immediately signed off on enormous spending programs that had been specifically rejected by Bush. This included a $410 billion spending bill that Bush had refused to sign before he left office. Obama signed it on March 10, 2009. Bush had been chopping brush in Texas for two months at that point."
"He immediately signed off on enormous spending programs that had been specifically rejected by Bush. This included a $410 billion spending bill that Bush had refused to sign before he left office. Obama signed it on March 10, 2009. Bush had been chopping brush in Texas for two months at that point."
CBO projects that the deficit this year will total $1.2 trillion, or 8.3 percent of GDP. Enactment of an economic stimulus package would add to that deficit. In CBOs baseline, the deficit for 2010 falls to 4.9 percent of GDP, still high by historical standards.
Ann Coulter as an objective source?
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