Sunday, January 27, 2013

Obama is NOT a Big Spender

When we take a close look at facts and figures, we find out the biggest spending President in recent decades was George W. Bush! The stock market soured under Bush and has revived under President Obama.
by Charlie Leck

That’s a factoid, folks. President Barack Obama has actually reduced spending since he took office. Take a look at the way Ezra Klein lays it out on WonkBlog. Mind you, we’re looking at per capita expenditures.

During Bill Clinton’s eight years in the White House, spending rose very moderately. Under George W. Bush , spending rocketed up (you have the expenditures of two wars to account for in those years). Under President Barack Obama expenditures actually decreased.

Now, to be honest, one has to admit that President Obama would have spent a helluva lot more money if he had been allowed to – and, if so, he probably would have brought the job crisis to an end much more quickly.

Republicans (especially the Tea Party types) don’t want to look at these numbers. Well, here are some more numbers for the negative Bachmannites and Tim Phillips, the head of Americans for Prosperity to look at: (headline) Stocks Roll Toward a Complete Recovery.

Standard & Poors 500, a favorite stock indicator, closed on Friday at 1,502.96 and that was the highest mark since 2007. Check out the news on housing and jobs.

And then remind yourself, because you probably need it like most Americans do, President Obama was not in the White House when this economy soured in 2007 and 2008. A few months after President Obama took the oath his first time, the market began slowly and earnestly to improve. Over the next few business days, there is probably going to be a very common market correction and a period of profit taking, when stock holders will do some selling. It’s not to be feared and most of the top analysts are projecting a strong market through the next two quarters.

I am no financial wizard and I’m not writing this blog as one. I’m a political observer and only a dabbler in the stock market. As such, I sense growing confidence over President Obama’s leadership. If even a small fraction of the Republican Party rallies around him, we could see our economy stretch its legs again and really get this nation going.

Also take note that a Minnesotan, Denis McDonough, from Stillwater, has taken the reins as Chief of Staff to President Obama. More reason for national confidence. McDonough is highly regarded in his home state and much admired. If you never hear anything about his work in the White House that means he’s doing his job well.

A news report into today’s Washington Post on national polling after the inauguration show that a very large percentage of the population agrees with Obama on the topics he ticked off in his inaugural address – gay rights, available and affordable medical care, tighter gun control et al. This really is a middle ground president as much as the far right wants to make him sound like a left winger.

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