Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree.
As would-be president Mitt Romney tells it: “I will lead us out of this debt and spending inferno.”
Almost everyone believes that Obama has presided over a massive increase in federal spending, an “inferno” of spending that threatens our jobs, our businesses and our children’s future. Even Democrats seem to think it’s true.
But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.
Even hapless Herbert Hoover managed to increase spending more than Obama has.
Here are the facts, according to the official government statistics:
• In the 2009 fiscal year — the last of George W. Bush’s presidency — federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget.
• In fiscal 2010 — the first budget under Obama — spending fell 1.8% to $3.46 trillion.
• In fiscal 2011, spending rose 4.3% to $3.60 trillion.
• In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office’s estimate of the budget that was agreed to last August.
• Finally in fiscal 2013 — the final budget of Obama’s term — spending is scheduled to fall 1.3% to $3.58 trillion.
Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion
The big surge in federal spending happened in fiscal 2009, before Obama took of to $3.58 trillion, an annualized increase of just 0.4%.
There has been no huge increase in spending under the current president, despite what you hear.
Why do people think Obama has spent like a drunken sailor? It’s in part because of a fundamental misunderstanding of the federal budget.
- That ‘Obama Spending Binge?’ Another Right Wing Myth (littlegreenfootballs.com)
- Rex Nutting: Obama spending binge never happened (marketwatch.com)
- Obama did not go on federal spending binge. Pace of increase now lowest it has been in decades (dailykos.com)
- Democrats Still “Myth-Busting,” Proudly Boasting About Spending Cuts (news.firedoglake.com)
- News flash! Obama most frugal president since Ike (blogs.ajc.com)
- CHART: Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office (kaystreet.wordpress.com)
- Obama Spending Binge Never Happened (nutzynews.wordpress.com)
- President Obama’s SPENDING SPREE IS A BIG FAT LIE, MITT ROMNEY! (3chicspolitico.com)