More horrible news for the GOP! Only lies in their arsenal, nothing more.
"Our government has built up too much debt."
But government spending actually hasn't grown that much under Obama on an absolute basis. Government spending has grown 8 percent by that measure since President Barack Obama took office at the beginning of 2009, according to Commerce Department data. And as a share of real GDP, government spending has declined by 5 percent.
Also according to Commerce Department data, both in absolute terms and as a percent of GDP, the deficit peaked in 2009 but has been shrinking since then.
President Obama, the right man for the job!
Spending is on the the FEW things not in decline under the current regime. The Country has a whole is in the tank...but borrowing and spending is flourishing. Just look at how the debt has grown!
It's hard to know how to answer someone who simply ignores inconvenient facts. The facts are these: the deficit is shrinking (although the debt is growing because we still have annual deficits) and the rate of spending is growing at historic lows, a fraction of the growth rate under Reagan and both Bushes. Remarkably, federal spending is even growing more slowly than the economy, something that's almost never true.
Meaningful questions would be, What are the implications of this change in spending? Is it sustainable? Is it a good thing?
One of the reasons federal spending growth has slowed is that the government has been swapping short-term debt for long-term debt, locking in historically low interest rates, similar to a householder refinancing a mortgage. (I hesitate to use that analogy. The government isn't like a household in one very major respect: you and I can't print money to pay our bills!) That change in the composition of the debt means that, unless we shoot ourselves in the foot with the debt ceiling nonsense, default on the debt has become a remote possibility.
Yahoo scrubbed my earlier reply, I am guessing because I included a link to a Forbes magazine article from last May that documented that federal spending has grown more slowly under Obama than under any president since Eisenhower. Here are the numbers from the Forbes article:
Presidential Term /Annualized Rate of Spending Growth
Reagan 82-85 /8.75 %
Reagan 85-89 /4,9 %
Bush I 90-93 /5.4 %
Clinton 94-97 /3.2 %
Clinton 98-01 /3.9 %
Bush II 02-05 /7.3 %
Bush II 06-09 /8.1 %
Obama 10-13 /1.4 %
Not only is Obama growing spending at a far lower rate than any other President on this list, the Democrats (Obama and Clinton) grew spending at about half the rate of the Republicans.
When Obama was inaugurated in 2009, the Fed owned $475.322 billion in U.S. government debt. As of the close of business on Wednesday, Jan. 23, the Fed owned $1.696691 trillion in U.S. government debt, up $1.221369 trillion during Obama's first term.
Stop equating "spending" to "debt". Not the same thing, as any dictionary will tell you.
The problem is that as the debt keeps increasing drastically as it has over the last few years, we are rapidly approaching the point where ALL government revenue will be needed just to pay interest on the debt. History and facts show that the only possible outcome in that situation is going to be very bad - either to default, or do what we are currently doing - print more money, leading to hyperinflation.
Roman Polanski - The director fled the country in 1979 rather than face sentencing for the statutory rape of a 13-year-old girl. The Polish auteur went to a more understanding Europe, where he promptly established a relationship with the then 15-year-old Nastassja Kinski. Polanski can't return to the States for fear of arrest.
He's only gotten better in terms of himself - that's a pretty low bar.
What's the projected defecit by the time he quacks out of office? 20 trillion? Up from the "unpatriotic" 7 trillion he started with? Oh yea, he's a real tightwad.
How many sub-trillion defecit years has he run so far, zero? Any projected? Is his new front on terror in Africa going to be cheap? He just offered to pick up the tab for the French, must feel guilty for arming the al qaeda fighters that are killing them (and us) there.
How many places do we now have boots on the ground, by the way - how about just Africa...? Mali, Libya, Somalia, where else? Obama and the CIA are killing folk all over that continent, and Hillary says we're just ramping up. Sounds cheap.