The Conservative Legacy - How Republicans used Reckless Spending to Ruin the Economy for a Generation
Considering all the claims about an “Obama spending spree” it is important to begin by looking at exactly how much money the government spent in FY09. It’s true that spending in 2009 was much higher than it was the previous fiscal year, by about $602 billion, excluding payments on the national debt (which actually declined in 2009 because of low interest rates). But it turns out that a huge chunk of that increase actually happened before President Obama took office. In fact, fully 41 percent, or $245 billion, came in the form of the Troubled Asset Relief Program and the rescues of Fannie Mae and Freddie Mac, actions taken in the fall of 2008 under President George W. Bush.
In other words, before President Obama had even taken office, federal spending was already up by about 9 percent over fiscal year 2008 levels. So the other $350 billion must be that spending spree we’ve been hearing so much about, right? Not exactly.
Another 18 percent of the spending increase came not from President Obama’s pen, but from growth in mandatory programs set in place many years prior to his presidency. Social Security, Medicare, and Medicaid, for example, cost the government $110 billion more in 2009 than they did in 2008. These cost increases weren’t the result of policy changes made by President Obama—they stem from longstanding demographic trends and the ever-increasing costs of health care.
Tampergate: O’Keefe denial depends on same reporter it damns. How Brietbart and Friends Are Behaving Like Pravda and Trying to Game the Narrative
Conservative Republican Insider Frank Luntz Pens Memo To Kill Financial Regulatory Reform
