Fri, Jul 25, 2014, 12:45 PM EDT - U.S. Markets close in 3 hrs 15 mins

Recent

% | $
Click the to save as a favorite.

Oracle Corporation Message Board

  • hardwaregurufromtheheartland hardwaregurufromtheheartland Oct 7, 2012 11:32 AM Flag

    Obama spending binge never happened....Government outlays rising at slowest pace since 1950s

    Obama spending binge never happened
    Government outlays rising at slowest pace since 1950s

    WASHINGTON (MarketWatch) — 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? It’s in part because of a fundamental misunderstanding of the federal budget.

    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 president only begins to shape the budget in his second year. It takes time to develop a budget and steer it through Congress — especially in these days of congressional gridlock.

    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.

    Like a relief pitcher who comes into the game with the bases loaded, Obama came in with a budget in place that called for spending to increase by hundreds of billions of dollars in response to the worst economic and financial calamity in generations.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • ourfirstpantroglodytepresident ourfirstpantroglodytepresident Oct 7, 2012 8:51 PM Flag

      • 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.

      The problem with the 2009 budget is that Barack Obama became president in Jan-2009 and he collaborated on the budget after winning the election in Nov-2008. Furthermore, when unemployment reached 7.8% in Jan-2009 Obama proposed an $800 Billion Stimulus package that passed in Feb-2009 and became part of the 2009 fiscal year budget. As of Jan-2009 Obama & the democrats controlled both houses of congress. If Obama had problems with anything in the 2009 fiscal year budget, he could have and should have changed it.

      Further, the increase difference of about $540 billion (3.52 - 2.98 = 0.54) was about the price of the TARP program, which Obama & the Democrat Congress collaborated on and all agreed on.

      ******

      • 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.

      ******

      I believe the 2009 fiscal year budget was THE LAST BUDGET passed by congress. Again, Obama had control of both houses of Congress until Jan-2011 and he could have gotten budgets passed if he desired. He did not desire. And we had no budgets. He was busy pushing ObamaCare, golfing, campaigning or doing apologize for America global tours.

      The other problem here is that federal revenue persisted at around $2.2 trillion per year. Thus the annual deficit per year was:

      o 2010 =~ $1.26 trillion
      o 2011 =~ $1.40 trillion
      o 2012 =~ $1.43 trillion

      I am apparently over-estimating the annual revenue, since these deficits total to a little over $4.0 trillion and more like $5.0 trillion was added to the national debt. I am pretty sure the deficit for one year was somewhat over $1.6 trillion.

      The fact is these are the largest deficits in history, especially in a row. (As much as Democrats scream about Ronald Reagan, Regan's total deficit for eight years was less than Barack Obama's deficit for one year.)

      *****

      • 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.

      Once again, the final budget under Obama was for fiscal year 2009. The USA does not have a budget. Just rampant uncontrolled spending. The three biggest blocks have been: Barack Obama, Harry Reid & the Democrats in Congress. So what we have the CBO has estimated final SPENDING.

      Last I heard revenue was still around $2.2 trillion so Harry Reid & Barack Obama will give us a deficit this year of about $1.38 trillion. And if I recall correctly, the decrease in spending is due to the Republicans in the House.

      *****

      So what we have here is the CBO documenting Obama's abject failure as a president and as a leader.

      Sentiment: Strong Sell

 
ORCL
40.475+0.005(+0.01%)12:45 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.