Go to PDF Version | Go to Recent Issues
To save time in the future, you may select one of the preferences below. You may update your eIBD preferences at any time by going into My IBD and selecting Update Your eIBD Preferences.
Set Web-Based Version as Default Set PDF Version as Default Set Recent Issues as Default
Get QuoteSearch Site
Daily Graphs Online
In his State of the Union address, President Barack Obama said that "families across the country are tightening their belts and making tough decisions," so the "federal government should do the same."
The following week, the president presented his new budget, which contains $1.267 trillion in new deficit spending. So much for cinching up the belt.
Elsewhere in his address, the president said, "Let me start the discussion of government spending by setting the record straight." But, in his subsequent words, he barely even mentioned his own deficit spending.
This, of course, will not do. If we are to set the record straight, we must take an honest look at President Obama's fiscal record.
Let's start with 2009. It is not fair to attribute the 2009 budget deficit solely to President Obama, as the Right would like to do — or solely to President George W. Bush, as the Left would like to do.
Bush signed into law that year's congressional budget. Subsequently, Obama signed into law $675 billion in additional deficit spending passed by Congress: $410 billion through an omnibus spending bill and $265 billion for the portion of the economic-stimulus bill that was spent in fiscal 2009.
In Deeper
So, in a fair division of accountability, based on who signed for what, Obama is responsible for $675 billion of the $1.413 trillion in deficit spending for 2009. Bush is responsible for the remainder, or $738 billion.
Let's put these somewhat intimidating numbers into historical perspective. (The source for all figures is Obama's own White House Office of Management and Budget.)
Before Bush took office, there were only 15 years in which the U.S. federal budget deficit had reached $100 billion. Our deficit had never topped $300 billion — not once.
In the eight years that Bush signed the congressional budget into law, our deficits broke the $300 billion barrier five times. In two of those five years, they also broke $400 billion. And in one (2009), his share of the deficit topped $700 billion.
Bush thus became the first president to eclipse the $300-, $400-, $500-, $600- and $700-billion deficit-spending marks.
So, in the realm of deficit spending, President Bush seems to have left his successor quite a lot of room for improvement. How has President Obama done?
In his first two years of proposing the budget, President Obama has broken the $1.2 trillion barrier both times. In one of those years, he broke the $1.5 trillion barrier.
There is selling, and there is going a level deeper and really reaching consumers and turning them into customers. To do that, focus your message to what really matters to them, not you. Ways to do that: Define your product. Are you Tiffany & Co. (TIF) or Wal-Mart? Kevin Maney, author of ...
What's behind the Tea Party protests, low approval ratings for Congress, distrust of the media and unease with experts in the Obama administration? In short, a growing anger at the sermonizing and condescension by many of America's elites. We see this specifically, for example, in the debate over ...
At the National Prayer Breakfast, Barack Obama singled out for praise Navy Corpsman Christian Bouchard. Or as the president called him, "Corpseman Bouchard." Twice. Hey, not a big deal. Throughout his life, the commander in chief has had little contact with the military, and less interest. And, ...
On Day One of his vow to take "meaningful steps to rein in our debt," Barack Obama asked Congress to freeze portions of discretionary domestic spending. This would follow an astonishing permanent expansion: Republicans on the House Budget Committee say appropriations bills Obama has signed, along ...
The Obama administration stepped up the pressure on Toyota Wednesday to address a range of safety issues as investors and consumers reacted to the deepening crisis for the world's No. 1 automaker. "Our ... people will hold Toyota's (TM) feet to the fire to make sure they are going to do everything ...
Posted By: Osamas Pajamas(785) on 2/18/2010 | 12:48 AM ET
I'm disappointed by the Republicans. Instead of shouting "You lie!" when OhBummer gets up to lie at us, why not shout "Blow it out your bum!"
To participate in Community areas, please Sign In or Register
Register
Know a stock's base count before you buy.
Get QuoteSearch Site
Read Full Article »
