Well worth the read in its entirety.
A question raised by President Obama’s immortal line on CBS’s “60 Minutes” on Sunday—”I think that, you know, as President, I bear responsibility for everything, to some degree”—is what that degree really is. Maybe 70% or 80% of the buck stops with him? Or is it halfsies?
Nope. Now we know: It turns out the figure is 10%. The other 90% is somebody else’s fault.
This revelation came when Steve Croft mentioned that the national debt has climbed 60% on the President’s watch. “Well, first of all, Steve, I think it’s important to understand the context here,” Mr. Obama replied. Fair enough, so here’s his context in full, with our own annotation and translation below:
“When I came into office, I inherited the biggest deficit in our history.1 And over the last four years, the deficit has gone up, but 90% of that is as a consequence of two wars that weren’t paid for,2 as a consequence of tax cuts that weren’t paid for,3 a prescription drug plan that was not paid for,4 and then the worst economic crisis since the Great Depression.5
“Now we took some emergency actions, but that accounts for about 10% of this increase in the deficit,6 and we have actually seen the federal government grow at a slower pace than at any time since Dwight Eisenhower, in fact, substantially lower than the federal government grew under either Ronald Reagan or George Bush.7”
Footnote No. 1: Either Mr. Obama inherited the largest deficit in American history or he won the 1944 election, but both can’t be true. The biggest annual deficit the modern government has ever run was in 1943, equal to 30.3% of the economy, to mobilize for World War II. The next biggest years were the following two, at 22.7% and 21.5%, to win it.
The deficit in fiscal 2008 was a mere 3.2% of GDP. The deficit in fiscal 2009, which began on October 1, 2008 and ran through September 2009, soared to 10.1%, the highest since 1945.
Mr. Obama wants to blame all of that on his predecessor, and no doubt the recession that began in December 2007 reduced revenues and increased automatic spending “stabilizers” like jobless insurance. But Mr. Obama conveniently forgets a little event in February 2009 known as the “stimulus” that increased spending by a mere $830 billion above the normal baseline.
The recession ended in June 2009, but spending has still kept rising. The President has presided over four years in a row of deficits in excess of $1 trillion, and the spending baseline going forward into his second term is nearly $1.1 trillion more than in fiscal 2007.
Federal spending as a share of GDP will average 24.1% over his first term including 2013. Even if you throw out fiscal 2009 and blame that entirely on Mr. Bush, the Obamaspending average will be 23.8% of GDP. That compares to a post-WWII average of a little under 20%. Spending under Mr. Bush averaged 20.1% including 2009, and 19.6% if that year is left out.
Continued here. He may have won, but he has proven to be nothing more than an empty suit. And if he really wants to do the world any favors, both he and his spouse should stay away from young minds. The community organizer empty chair is a poor judge of just about everything home and world stage.