“…a cow pie of distortion” is how President Obama characterized Mitt Romney’s recent pronouncement about the deficit spending of Obama. “What my opponent didn’t tell you was that federal spending since I took office has risen at the slowest pace of any President in almost 60 years.” stated Obama in Des Moines this week.
According to the Wall Street Journal, this amazing bit of information comes from a man by the name of Rex Nutting who wrote an article for MarketWatch. His analysis defies normal economic accounting because he fudges Congressional Budget Office estimates, CBO baselines and White House budget proposals to make Obama’s record look better. It is creative accounting.
The Journal concedes that out of the $5 trillion dollars in debt over the last four years $1 trillion can be attributed to the Bush Administration. This leaves Obama with the remaining $4 trillion which is a new record in spending. According to the Congressional Budget Office, they estimate that Obama’s spending will push the deficit pass the $6 trillion mark by the end of Obama’s first term.
The creative accounting of Mr. Nutting is not supported by the facts. The national debt has risen to 74.2% of the economy, up from 40.5% at the end of 2008. A whopping 33.7% increase. The two previous administrations spending was in the range of 18 to 21% of Gross Domestic Product. Over the past three years, Obama has averaged 24.4% which is a new record for spending by any president since World War II. The Congressional Budget Office predicts that for 2012 it will be 24.3%.
Obama is beyond a doubt the greatest spender among the presidents.