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View Full Version : Economics Obama's "Spending Spree"


Cave Johnson
04-28-2011, 11:50 AM
http://andrewsullivan.thedailybeast.com/2011/04/obamas-spending-spree.html

What you see are the core drivers of Obama's spending - an understandable jump in money spent on recession-era safety nets. Much of this is automatic. The collapse in revenues and the debt explosion of the last couple of years have been almost entirely due to the recession which Obama inherited, and increasing costs from entitlements programs which Obama did not invent.

This is pretty obvious. Which is why, almost immediately upon his coming to office, propagandists like Glenn Reynolds used projected debt levels to indict Obama for being a leftist.

blaise
04-28-2011, 11:56 AM
Recession under Bush- Bush's fault.

Recession under Obama- Bush's fault.

Sounds great for Obama!

Donger
04-28-2011, 11:57 AM
Heck, I don't need debt levels to proclaim Obama a leftist. I just need Joe the Plumber.

KILLER_CLOWN
04-28-2011, 12:04 PM
Folks we're rearranging deck chairs on the Titanic, without some kind of plan for actual recovery and production this will get worse until the Dollar collapses. I don't care if you claim to be left or right at this point we won't recover for a LONG period of time. People from rich to poor will suffer and that is the travesty.

vailpass
04-28-2011, 12:09 PM
http://andrewsullivan.thedailybeast.com/2011/04/obamas-spending-spree.html

What you see are the core drivers of Obama's spending - an understandable jump in money spent on recession-era safety nets. Much of this is automatic. The collapse in revenues and the debt explosion of the last couple of years have been almost entirely due to the recession which Obama inherited, and increasing costs from entitlements programs which Obama did not invent.

This is pretty obvious. Which is why, almost immediately upon his coming to office, propagandists like Glenn Reynolds used projected debt levels to indict Obama for being a leftist.

Does it bother you that you still have to try and convince people why things aren't obama's fault instead of being able to tell people about the things obama has accomplished?

Simplex3
04-28-2011, 12:09 PM
People from rich to poor will suffer and that is the travesty.

Yeah, but the politicians get their paychecks for life, so it's all cool.

Jaric
04-28-2011, 12:12 PM
Sounds like the only "change" we got was the change from "hope" to "Well, it's not my fault."

petegz28
04-28-2011, 12:21 PM
So we are rehashing the 08 campaign mantra of blame Bush?

I'll bite. It was all Bushie's fault we went into recession.

But it's all Obama's he used that excuse to make things worse.

blaise
04-28-2011, 01:02 PM
Sounds like the only "change" we got was the change from "hope" to "Well, it's not my fault."

It almost seems like he's saying, "Obama is spending the same way Bush would have if he was still in office."

But since Bush was supposedly doing a terrible job, I don't really get where that's going.

BucEyedPea
04-28-2011, 01:09 PM
What I could have bought at Nordstroms, Ann Taylor and Ethan Allen on such a spree. Makes me sad.

alpha_omega
04-28-2011, 01:09 PM
But more importantly....have we seen Bush's birth certificate?

Sheesh.

dirk digler
04-28-2011, 01:13 PM
Interesting and makes some sense. Especially considering that 80 million baby boomers are starting on SS and Medicare.

Oh and Andrew Sullivan is a conservative for you haters :D

BucEyedPea
04-28-2011, 01:14 PM
But more importantly....have we seen Bush's birth certificate?

Sheesh.

Well, I think it was because Obama had a foreign dad which didn't help his case.

BucEyedPea
04-28-2011, 01:15 PM
But more importantly....have we seen Bush's birth certificate?

Sheesh.

Well, I think it was because Obama had a foreign dad which didn't help his case. Some did bring up MCCain could have had a similar issue to be fair.

FD
04-28-2011, 01:42 PM
The idea that Obama is engaging in some kind of explosion in spending has been ridiculous from the start. The increase in spending since his term started has almost all been automatic stabilizers. Its one of those myths that wont die.

mnchiefsguy
04-28-2011, 01:45 PM
The idea that Obama is engaging in some kind of explosion in spending has been ridiculous from the start. The increase in spending since his term started has almost all been automatic stabilizers. Its one of those myths that wont die.

So the truckload of increased spending that is Obamacare is just an automatic stabilizer then? When politicians whine about cutting the budget back to 2008 levels and call them Draconian cuts, it is easy to see that way too much is being spent, and that every politician in office right now bears some of that responsibility.

Cave Johnson
04-28-2011, 01:56 PM
So the truckload of increased spending that is Obamacare is just an automatic stabilizer then? When politicians whine about cutting the budget back to 2008 levels and call them Draconian cuts, it is easy to see that way too much is being spent, and that every politician in office right now bears some of that responsibility.

How much of the current budget deficit is Obamacare, exactly?

FD
04-28-2011, 01:56 PM
So the truckload of increased spending that is Obamacare is just an automatic stabilizer then? When politicians whine about cutting the budget back to 2008 levels and call them Draconian cuts, it is easy to see that way too much is being spent, and that every politician in office right now bears some of that responsibility.

The ACA hasn't kicked in yet.

Simplex3
04-28-2011, 01:58 PM
The ACA hasn't kicked in yet.

:doh!:

So we're screwed now, but the plan that is only revenue neutral over 10 years because it charges for 10 but only pays for 6 is going to what, help? Somehow?

FD
04-28-2011, 02:03 PM
Here is the data series on Federal spending:

http://research.stlouisfed.org/fredgraph.png?g=ka

Can someone show me the part where Obama takes over and spending explodes?

Simplex3
04-28-2011, 02:43 PM
Obama takes over and spending continues to explode.

Better?

BucEyedPea
04-28-2011, 02:56 PM
How much of the current budget deficit is Obamacare, exactly?

It's being phased in. But you see the rising costs it's already creating due to market response which is private companies saying what it's costing them.

mlyonsd
04-28-2011, 02:57 PM
Here is the data series on Federal spending:

http://research.stlouisfed.org/fredgraph.png?g=ka

Can someone show me the part where Obama takes over and spending explodes?

Hmm. That graph actually shows the recession was over about the time Obama took office. Wonder why unemployment is still so high?

Anyway, what are "Real Government Expenditures & Gross Investment" dollars? Why don't they line up with actual Federal Expenditure dollars?

http://www.usgovernmentspending.com/#usgs302a

FD
04-28-2011, 03:03 PM
Hmm. That graph actually shows the recession was over about the time Obama took office. Wonder why unemployment is still so high?

Anyway, what are "Real Government Expenditures & Gross Investment" dollars? Why don't they line up with actual Federal Expenditure dollars?

http://www.usgovernmentspending.com/#usgs302a

I dont know the precise definition of the data series, I chose it because for long-term data real series are almost always better than nominal. I made the chart here: http://research.stlouisfed.org/fred2/

This is a really great resource at the St. Louis Fed, it took me about 5 seconds to make that chart. If you prefer a different measure of government spending you can use that.

As for the recession bands, they go by the NBER definition of recession, which looks at a broad range of indicators. A recession is the period of falling output, and output (and employment) have been rising for quite a while now, albeit slowly.

Bwana
04-28-2011, 03:09 PM
LMAO

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