Government & Politics

Now That We've Spent Trillions, Let's Spend Some More

Feb. 24, 2014

For five of the last six years, the federal budget has featured annual deficits measured in trillions of dollars, adding drastically to the nation’s already massive debt. The current problem is largely due to Barack Obama’s so-called “stimulus”, which essentially established a new, higher minimum for spending. Once that kicked in, returning to pre-stimulus spending was derided as heartless cutting. Federal spending has never been higher or more out of control.

Well, thankfully we’re done with all that, according to the reported details of Obama’s 2015 budget. We’re done with austerity. Wait … what?

That’s the word The Washington Post uses in coverage of the budget, due out March 4: “With the 2015 budget request, Obama will call for an end to the era of austerity that has dogged much of his presidency and to his efforts to find common ground with Republicans.” Apparently, the Post thinks “austerity” means the GOP’s hard-won but paltry cuts in the spending growth rate known as the sequester. The budget deficit has been “cut in half” over the last few years, though that’s a pathetically low bar – it remains higher than any deficit before Obama’s presidency. It’s at a historic high both nominally and as a percentage of GDP, and Obama has doubled the marketable debt in just six years.

As Investor’s Business Daily writes, “[E]ven with these modest declines [in annual spending], the federal government will still spend $561 billion more this year than it did in 2008. That’s a 19% increase at a time when inflation rose just 9%.” Austerity? Please.

Evidently Obama, too, thinks he’s achieved fiscal responsibility by making deficits nominally lower, meaning he’s got more money to spend. Much of his proposed spending spree is on the same old failed areas of education and job training, while his budget contains nothing on entitlement reform. In fact, The Wall Street Journal aptly notes that the proposal “will serve more as a political treatise than a fiscal blueprint.” That actually pretty well sums up the Obama presidency.

15 Comments

wjm in Colorado said:

more as a political treatise

The only thing Obamao does well is campaign. His budget is just another campaign speach filled with pork and freebees for the useful idiots. In the simplest analysis, it is Cloward and Piven, the strategy for bankrupting and destroying the economy, just the crisis needed to invoke martial law and complete the marxist takeover. So far, it is working quite well. Will America recognize this treason in our next two election cycles, or will the vote counters corrupt that as well?

Monday, February 24, 2014 at 11:00 AM

Bud in The D-ivided States of America replied:

'complete the marxist takeover'

wjm - right now the Marxists are using the habit forming OPM (other peoples money) to implement their treason. At some point, it will begin to cost them their own blood ... I wonder how well the takeover will fare once we get to that point?

Monday, February 24, 2014 at 11:53 AM

Bud in The D-ivided States of America said:

It's more PTSD - Political Treason Stress Disorder

Monday, February 24, 2014 at 11:50 AM

Rod in USA replied:

Or Pathetic or Pathological Treason Stress Disorder

Monday, February 24, 2014 at 3:15 PM

Osama Obama in Alabama replied:

or Perfectly Tactical Socialist Destruction

Monday, February 24, 2014 at 3:44 PM

Porter Leaman in Titusville, PA said:

President Obama's legacy is out-of-control spending
and higher and higher deficit and higher debt.

Monday, February 24, 2014 at 12:02 PM

Moliminous in Upland, CA said:

What budget? Obama continues his lawless spending without a constitutionally mandated budget. When is someone going to doing something about him? Fire his behind. Send him back to Kenya, Indonesia, or wherever.

Monday, February 24, 2014 at 12:14 PM

JWH in "The Republic of Texas" said:

When the borrowing cannot be done, the nonsense will stop, but it will not be pretty!

Monday, February 24, 2014 at 12:27 PM

EWatson7 in San Diego said:

I am personally disturbed. I keep seeing in print and pie-charts our national debt. I cannot fathom a trillion of anything much less dollars as in 17+ trillion of them. What I CAN appreciate is $17T divided by 320m people is ~$50,000 per person debt or three years of my total income. So lets use the per person debt number, a number most of us can relate to.
AND why do we refer to is as the presidents spending. The House of Representatives holds the purse strings so this out-of-control spending is their fault and they are republican led. They need to go home for good. ONE term is too many much less multiple terms.

Monday, February 24, 2014 at 1:18 PM

Rod in USA replied:

A better method would be for thr $17T to be divided by the number of folks receiving benefits. I am not one of them. My "balance owing" is ZERO.

So $17T / [320M x 47%] = $113K each that people like the "Obama free cell phone lady" are indebted to their future.

Monday, February 24, 2014 at 3:18 PM

budlangpapa in Texas said:

The spending will never stop. Our leaders are as hooked on our money as a dope addict. Only a few congressmen are really putting up a fight and even those who say they want to curtail spending are they same old crew that are responsible for the financial mess we are in. Don't expect much change anytime soon.

Monday, February 24, 2014 at 10:04 PM

John in ottawa said:

America is broke. Thats teh truth. Thanks Barry Thanks Boehner, Thanks Pelosi and others. The country is screwed because republicans could not say NO and stick to it

Tuesday, February 25, 2014 at 12:34 AM

Larry Hebdon, Sr. in Pocatello, ID said:

Well, hell, with Obama carrying on business as usual, it will only about another year and the nation will be sold to the highest bidder. Then we can count on being cut up to sell the choice property to one group and the trash property to another. But we will not have to worry about it anymore. Of course, we also won't have to worry about our freedoms either as they will taken away and we will become virtual slaves to the 'Messiah'!

Tuesday, February 25, 2014 at 1:35 AM

Dave Mather in Troy, MI said:

More of the financial media should state the facts which 'may' get the rest of the media types to start being responsible journalists and reporting the facts! Then everyone will realize 'the emperor wears no clothes', and Obama has no brains! Will this happen? I doubt it. Can it happen? It can if the media starts stating some facts!

Tuesday, February 25, 2014 at 3:11 PM

1 old codger in Bellevue,WA said:

Maybe we all need to be reminded that while the negative margin between the governments receipts and its expenses may be less this fiscal year than last, the aggregate amount of debt that exists continues to climb. The aggregate amount is just going up slightly slower or so Obama would have us believe. As the debt goes up , so does the amount necesssary to pay the interest on it Debt is just one kind of liability and it requires that interest be paid on current basis. Interest is paid on about $17 Trillion While interest has always been paid on the national debt the principal is never really paid ; it is just refinanced or "rolled over".. One effect of Fed Policy has been to y keep the rates paid on Federal Gov. debt artifically low. What happens when the interest rates on the debt go up? The government has to borrow more money to pay the higher interest cost. Obama will have to tax us more to pay the higher costs as he has no inclination whatever to reduce overall spending . Higher tax costs to the public is just another engine for inflation.

Thursday, February 27, 2014 at 5:19 PM