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  • longpickuptruck longpickuptruck May 25, 2012 9:24 AM Flag

    Obama the spending king

    Just saw on the news, the BO administration is spending $9.7 billion dollars a day. This is almost 4 times what Reagan was spending.
    The treasury must borrow $3.88 billion dollars every day to meet this expenditure.
    We are BK.

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    • Source: Paul Krugman

      Facts are stubborn things. As Paul Krugman points out – Reagan spent SIGNIFICANTLY more than President Obama in real terms.

      When Reagan took over – the deficit was $909 billion and it exploded to $2.6 trillion or 286% MORE than what he inherited.

      To put that in comparison to Obama in terms of spending – he inherited a deficit of $10.4 trillion…and to increase the deficit as much as Reagan as a % – the deficit would have to be $29.8 trillion after 8 years.

      And obviously – if Obama isn’t spending more than Reagan but we’re continuing to accrue large deficits….what do you think is causing that? Tax cuts.

      Obama has passed more tax cuts than any other president in history and that is why revenues are so low…and that is a large part (but not all) of the reason that our deficits are so tremendous.

      Obama is putting Keynesian economics to work to help put the economy back on firm fiscal footing to get out of the Bush era economic crisis that he was handed

      If you forget the past you are doome to repeat it.

      sandollor (:-:)

      • 1 Reply to sandollor2000
      • "Facts are stubborn things. As Paul Krugman points out – Reagan spent SIGNIFICANTLY more than President Obama in real terms.

        When Reagan took over – the deficit was $909 billion and it exploded to $2.6 trillion or 286% MORE than what he inherited.

        To put that in comparison to Obama in terms of spending – he inherited a deficit of $10.4 trillion…"
        --------------------------------------

        It's debt, not deficit--minor error of terminology.

        A more serious error is that you're comparing three years of Obama spending to
        eight years of Reagan.

        There is some truth in your argument, EXCEPT you're blaming Reagan for the
        spending of Tip O'Neil and the democrats. Reagan's heart was in the right place
        and he did the best he could given cultural trends and popular opinion. There
        has to be widespread support for major changes.

        Reagan was an American trying to restore/preserve some remnant of the American
        way. Obama is trying to make a Marxist/EnviroNazi slave pen out of a formerly
        free country. I'm sorry that you feel you need a commissar to look after you.

 
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