There is an article at Salon that I stumbled across that caused my jaw to drop. The author is in a tizzy because of a new Crossroads ad that he is afraid will resonate with the voters. I think he is right. Please check out the ad
The author believes that the so-called deficit crisis is nothing more than hysteria perpetrated by the Republicans. Let’s look at one of the articles he links to prove his point
Obama spending binge never happened
Seriously. That is the title of this Market Watch article. Using official government statistics, the author proves that “Government spending under Obama, including his signature stimulus bill, is rising at a 1.4% annualized pace — slower than at any time in nearly 60 years.” You can see the results in this bar graph.
Numbers don’t lie, do they? The statistic clearly support the authors contention. However, the author intentionally does not explain why Obama’s spending rate is so low, for example, when compared to his predecessor, Bush. Let’s do a little of our own analysis, shall we?
President G. W. Bush was a profligate spender. None of us are going to argue with that fact. Then, on top of everything else. the housing bubble exploded on Mr. Bush and he was convinced that the Too Big To Fail banks had to be bailed out Congress approved TARP, a one time bailout of something over $780 billion. Enter Barack Obama. In his first year, he didn’t have TARP spending on his record. Although much of TARP was repaid on his watch, which otherwise would make his spending even higher. But, Although Obama didn’t have the $780 billion of TARP money to spend, he got congress to pass a stimulus bill of over $800 billion. So his first year of spending appears to be only a little over than 1% more than what Bush spent in his last year as president. If the TARP paybacks were credited to Bush, the difference would be much greater. But here is the real kicker. The stimulus package of $800+ billion was not a one time thing. Because the Democrat controlled Senate has refused to pass a budget for the last three years and instead congress has passed Continuing Resolutions, that $800+ billion slush fund has become part of the budget base line. So, Obama’s 1.4% growth rate in spending is that low because he has this huge slush fund to spend each year at his discretion. No other President in history has had such a slush fund at their disposal. We have not had a stimulus of only $800 billion. In four years, Obama will have spent nearly $3.5 trillion in stimulus. Does our economy appear to be stimulated?
So, yes I do think the author of the Salon article has good reason to worry about the Crossroads ad. I will resonate with the voters.
Well, that’s what I’m thinking. What are your thoughts?