Daily Archives: May 16, 2012

CHART: Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office

In essence, this information will be totally ignored by right-wingers.  They have never been interested in facts.  Facts are too hard to comprehend and facts do not fit into their “reality” which is Fox News based.

Think Progress

Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.

In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of gross domestic product. Total spending this year, fiscal year 2012, is expected to top out at 23.4 percent of GDP.

Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP. This year? 15.8 percent.

One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP. This year’s deficit is expected to come in at 7.6 percent.

The fact is that Obama inherited a disaster of a federal budget. Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion surplus. By the time Obama was sworn in, he was facing a $1.2 trillion deficit. Inconvenient though it may be for conservatives (especially those who are running for president), the truth is that spending, taxes and the deficit are all lower today than when President Obama took office.

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Filed under Obama's Accomplishments

Wednesday Blog Roundup

Christie: No More VP Questions

Morning CheckUp: May 16, 2012

How did Harvard give us George W. Bush?

Fox Revives Deceptive Editing Of Anita Dunn Clip

Fox Finds The Villain Of JPMorgan Chase’s $2 Billion Loss: Regulation

JPMorgan “considering” taking back bonuses after unit loses $2bn

Jon Stewart And Stephen Colbert’s Best Gay Marriage Segments (VIDEO)

Mitt Romney was for the stimulus before he was against it

Video: Fox News helps raise money for Romney with fake scandal

Bill O’Reilly: Democrats are terrorists for calling out anti-gay billionaire bully

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Filed under U.S. Politics

BREAKING: Congress Passes a Bill

Mother Jones

Exciting news! Congress passed a bill!

On a broad bipartisan vote of 78 to 20, the Senate voted Tuesday to extend the life of the U.S. Export-Import Bank and expand its authority to make loans to U.S. exporters.

In the “Schoolhouse Rock” version of how Capitol Hill works, this is what Congress does all the time — passes legislation. But it made for big news on this Capitol Hill, where protracted partisan warfare has meant that lately the story has more often been about votes forced by one party or the other to indignantly demonstrate the other’s opposition.

Amid the gridlock, it had been nearly six weeks since the last time Congress completed this seemingly routine task.

The rest of the piece dithers about whether this means (a) garden-variety legislation isn’t quite totally impossible yet, or (b) it just goes to show that big corporations can still get what they want, even if nobody else can. I’ll guess (b).

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Filed under U.S. Politics