Got to hold down spending but are we serious about it?

Senator Tom Coburn on the “Debt Bomb”

Published on May 24, 2012 by

http://www.foundry.org |

_____________

I have a lot of respect for Tea Party heroes like Tim Huelskamp , Idaho First District Congressman Raúl R. Labrador, and Justin Amash who are willing to vote against proposals that increase our spending,  and they want to pass the Balanced Budget Amendment.    

It is a fact that we must balance the budget soon. I do not believe that we can wait to balance the budget at some distant time in the future. The financial markets will not allow us a long time to get our house in order. Look at how things have been going the last four years and no matter how anyone tries to spin it, we are going down the financial drain fast and headed to Greece!!!

J.D. Foster, Ph.D.

May 24, 2012 at 6:13 pm

White House Press Secretary Jay Carney

It’s hardly rare for politicians in Washington to say things that make one wonder what color the sky is in their world. Vice President Joe Biden has offered a steady stream of examples, demonstrating again that sometimes an old dog can’t unlearn old tricks. But in the press gaggle yesterday, White House spokesperson Jay Carney dropped a doozy, suggesting anew that the Obama Administration is living in a fantasyland all its own.

Carney broke off answering a question about Baghdad to insert the following: The rate at which spending has increased is lower under President Obama than all of his predecessors since Dwight Eisenhower.

Carney went on to observe that “this President has been—has demonstrated significant fiscal restraint and acted with great fiscal responsibility.”

Well, well, let’s just look at the figures. Federal spending as a share of the economy will average over 24 percent during Obama’s term, and each and every year of that term will see a higher share than during any year since the Second World War. That apparently qualifies as “significant fiscal restraint” Obama-style.

Fiscal responsibility? Obama has had by far the largest budget deficits, driven in large part by the eruption in spending.

Obama’s Budget Continues Unprecedented Deficits

The President is responsible for submitting an annual budget to Congress and has the authority to veto legislation, including irresponsible spending. Most Administrations have run small but manageable deficits, but President Obama’s unprecedented budget deficits pose serious economic risks.

BUDGET DEFICITS AS A PERCENTAGE OF GDP, BY ADMINISTRATION

Obama's Budget Continues Unprecedented Deficits

 

Source: Office of Management and Budget.

It is, of course, the job of the chief White House flak to spin answers in response to questions. But in this case, there was no question. There was only the flak attempting to inject utter nonsense into the national debate. More Kool-Aid, Mr. Carney?

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