No matter what FAUX News or the radio gasbags say, Pres. Obama is not spending America into oblivion.
Obama Channels Eisenhower With Anemic Government Spending Growth
By Rich Miller - Jan 21, 2013 10:00 PM MT
BLOOMBERG
Federal outlays over the past three years grew at their slowest pace since 1953-56, when Dwight D. Eisenhower was president. Expenditures as a share of the economy sank last year to 22.8 percent, their lowest level since 2008, according to Congressional Budget Office data. That’s down from 24.1 percent in 2011 and a 64-year high of 25.2 percent in 2009, when Obama pushed through an $831 billion stimulus package.
The slowdown in government spending has helped bring down the budget deficit, especially when measured against the size of the economy. The shortfall fell to $1.1 trillion, or 7 percent of gross domestic product, in the 2012 fiscal year ended Sept. 30, from $1.3 trillion, or 8.7 percent of GDP in 2011. In fiscal 2009, it was $1.4 trillion, or 10.1 percent of the economy, the highest since World War II.
The deficit probably will fall to $500 billion, or just below 3 percent of GDP, by 2015, as businesses and consumers step up their spending after bringing their own debts down, said Jan Hatzius, chief economist at Goldman Sachs Group Inc. The improving economy will increase tax receipts while lowering government expenditures for benefits including food stamps and unemployment compensation.
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