Saturday 24 September 2011

Obama shatters spending record for 1st year presidents. Is this the "hope" and change we can believe in?

President Obama has shattered the budget record for first-year presidents -- spending nearly double what his predecessor did when he came into office and far exceeding the first-year tabs for any other U.S. president in history.



In fiscal 2009 the federal government spent $3.52 trillion -- $2.8 trillion in 2000 dollars, which sets a benchmark for comparison. That fiscal year covered the last three-and-a-half months of George W. Bush's term and the first eight-and-a-half months of Obama's.



That price tag came with a $1.4 trillion deficit, nearly $1 trillion more than last year. The overall budget was about a half-trillion more than Bush's for 2008, his final full fiscal year in office.



Click here to read FOXBusiness.com's Elizabeth MacDonald describe what the interest on the debt can buy.



That's a big increase. But compared with other presidents' first years in office, Obama is running circles around them.



Bush spent $1.8 trillion in 2001, according to government budget figures that have been adjusted for inflation based on 2000 dollars. Using the same formula, former President Bill Clinton spent $1.6 trillion in 1993.



The last president to clock in under $1 trillion was Gerald Ford, who logged a $982 billion budget in 1975. Post-war Dwight Eisenhower even brought Uncle Sam's tab down to $556 billion in his first year, 1953.



Obama's first-year budget, adjusted for inflation, is about five times that. His 2009 budget is also close to 21 percent of that for Clinton's eight years in office -- Clinton's spending added up to $13.5 trillion over his two full terms. Bush spent $16.8 trillion from 2001-2008.



Is this the %26quot;hope%26quot; and change America needs? Or is this just socialist politics as usual?



http://www.foxnews.com/politics/2009/11/24/obama-shatters-spending-record-year-presidents/



regardless of how you feel about the source, the truth is the truth. If you can't find any legit source to counter the facts presented here then you lose. Sorry.
Obama shatters spending record for 1st year presidents. Is this the %26quot;hope%26quot; and change we can believe in?
Well it has happened, so I guess we have to believe it. I don't believe in it, but we are stuck with it. We are going to pay a big price for all this foolishness for many years to come. What is happening right now is the reason that it is never a good idea to vote democrat.
Obama shatters spending record for 1st year presidents. Is this the %26quot;hope%26quot; and change we can believe in?
Here we Go!
He is an incompetent idiot.
its funny how the first post will say that but money has been spent, wtf can they say that is doing any good but bankrupting america
Sure is! Just like he planned. He's left us %26quot;hoping%26quot; we have %26quot;change%26quot; left for a meal.
I cannot answer this question, all I hope is that things will change for the better.
Yes we can!
Good
he lied!!!
Comparing deficit spending in the largest recession in a generation with the spending at the end of the longest economic expansion in history is either very ignorant or very dishonest.



To blame Obama for the spending in a budget prepared and signed by Bush and including the TARP funding is equally ignorant or dishonest.



I will let you tell us which.
You complain about Obama spending the necessary money to get this economy back on its feet, but where were you when Bush spent us so recklessly into debt and in a bigger hole than when Clinton left office?
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