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April 15, 2011

Obama's Deficit Spending to GDP Compared to Other Recent Presidents

Topics: Political News and commentaries

President Obama had the chutzpah to infer in his recent speech that we'd be in great financial shape if only every other president had been as responsible on deficit spending as he has been (try to restrain your laughter - no rolling on the floor, please).

Fortunately for those foolishly naive Americans that actually fall for the utter nonsense our president so often spiels, Jeffrey Anderson provides a nifty, handy-dandy, chart that even they can understand.

As one can see, Obama's actual track record versus other recent presidents (detailed more fully here).

It's also worth noting, since Obama's fallback defense is always that the economy made him do it, that annual deficit spending even during the Great Depression never reached so much as 6 percent of the gross domestic product (GDP). You can see how that compares with Obama's tallies below:
anderson_Presidents' Avg Deficits-1.img_assist_custom-640x480.jpg

As Jeffrey goes on to note, House Budget Committee chairman Paul Ryan has proposed a budget that would get deficit spending down to 1.6 percent of GDP by 2021, even before his proposed Medicare reforms -- which would transform Medicare into a more choice-based and competition-facilitating premium support program -- and would begin the following year. (Those who are already enrolled in Medicare by then would get to choose whether they want to switch into the newly reformed program or not.)

As always, facts are facts, and political rhetoric laden with mistruths ... are nothing more than lies.

Related: Controlling the National Debt: Chess, Not Checkers

Posted by Richard at April 15, 2011 9:01 AM



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