Obama has slashed one tax dollar for every dollar he’s spent on government programs.
Does the president really suffer from what House Speaker John Boehner calls a “spending illness”? Not according to an exclusive Newsweek-Daily Beast estimate of his outlays on new legislation since taking office.
• The Newsweek Daily Beast team found that President Obama “spent” $21 billion more on GOP-friendly tax cuts than on government programs.
• He’s laid out $884 billion for six major, immediate spending increases that aren’t offset elsewhere in the budget, from the stimulus package to Cash for Clunkers.
• But he’s made $905 billion in tax cuts, including the Bush tax-cut extension in December.
• His health-care reform will tilt his spending vs. tax-cutting equilibrium toward the former in future years.
Nothing unites Republicans quite like the unshakable belief that Barack Obama has become the Carrie Bradshaw of 1600 Pennsylvania Avenue, unable to stop himself from frittering away ridiculous sums of money on frivolous things. But what Republicans never mention when railing against Obama’s alleged fiscal recklessness is how much money he has spent, and what exactly he’s spent it on.
To rectify the situation, Newsweek and The Daily Beast have come up with an exclusive estimate of the amount the president has spent on new legislation since taking office in January 2009. This isn’t the sum total of all government outlays; that number would include spending on mandatory entitlement programs such as Social Security and Medicare, which no president can control, as well as spending on income-support programs such as food stamps and Medicaid, which automatically increases as citizens get poorer (i.e., during a recession). Instead, we focused on the times when Obama decided to spend money that wouldn’t have been spent if the government had simply been humming along on autopilot.
- Big Business Hoards Cash, Craves Fruitcake: Margaret Carlson (businessweek.com)
- How Obama plays media like a fiddle (politico.com)
- Spiralling Defense Spending: Public Says Cut Pentagon, Obama Says Increase It (nwoandsecretsocieties.wordpress.com)
- Obama to call for $53-billion in spending on high-speed rail (theglobeandmail.com)
- Reagan myth versus reality (americablog.com)
- Letters: Obama not to blame for nation’s woes (knoxnews.com)
- Obama Urges Businesses to Increase Spending for Good of Country (businessweek.com)