The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects. But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012. Its most recent quarterly report is for the quarter than ended on June 30, 2011.Read more
A new report by the non-partisan Congressional Research Service finds that the largest federal budget item is spending on welfare programs. To support the 83 programs that CRS identified as welfare programs, the federal government spends $745.84 billion.
That dollar amount exceeds the $725 billion spent by the federal government on Social Security, $480 billion on Medicare, and $540 billion on non-war defense.Read more
In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.Read more
As Mike Warren highlights, moderator Martha Raddatz apparently didn’t think Obamacare was important enough to make the cut as one of the nine topics she brought up during the vice presidential debate. Two other closely related topics that didn’t make her cut were federal spending and the national debt. Anyone who had been asleep for four years before waking up and tuning in would never have guessed that Obamacare, rampant federal spending, and unsustainable federal debt had given rise to the Tea Party and had propelled the GOP to gains of 63 House seats and 6 Senate seats in the 2010 elections.Read more
In May 2009, President Obama released his updated budget estimates, which projected that the federal deficit for fiscal year 2012 would be $557 billion (see table S-1). The Congressional Budget Office now says that the deficit for fiscal year 2012 (which ended on September 30) was about $1.1 trillion — or about twice what Obama said it would be. In other words, Obama’s estimate was off by more than half a trillion dollars.Read more
It’s a couple days old, but nevertheless worth watching: Here’s the clip of President Obama’s interview with David Letterman (which Steve Hayes discusses in greater detail here), during which Obama shows that he apparently has no idea how big our national debt is — apparently even to the nearest trillion (see around the 2:00 mark):Read more
In an appearance on the Late Show with David Letterman, President Barack Obama suggested that most of the country’s debt was accumulated under George W. Bush, pretended that he has offered a solution to these problems, said that he does not know the total U.S. national debt, and claimed that the debt is not a short-term concern for the country.Read more
On Monday, the Romney campaign trumpeted a plan to change the campaign's direction and "reinforce more specifics" on policy. THE WEEKLY STANDARD has obtained a copy of a memo from GOP political veteran David Smick, addressed to the Romney campaign, with advice on how to "revamp" the television ad strategy. Read the memo below:Read more
Always looking "forward," President Obama has asked Bill Clinton—who was elected to the presidency 20 years ago—to speak tonight and suggest to the American people (whether explicitly or implicitly) that this is really a choice between Clinton and George W. Bush, rather than between Obama and Mitt Romney. If you're Obama, this beats running on your record.Read more
The United States Treasury reports that the total public outstanding debt is: $16,015,769,788,215.80. This is the first time in American history debt has eclipsed the $16 trillion mark.
The debt has increased approximately $5.4 trillion since President Obama took office on January 20, 2009.
Here's a chart, from the Republican side of the Senate Budget Committee detailing the increase in national debt over the last dozen years:Read more
Regardless of one's precise political peccadilloes, most of us agree this is one of the most important elections of our lifetime. However, one gets the feeling the Romney campaign, and even the RNC, either aren't aware of the stakes or, perhaps, just not sure of the best way to convey those stakes to the electorate. But there's a simple way to make sure the upcoming Republican convention in Tampa acts as a constant reminder of the stakes.Read more
In an interview on March 22, two weeks before Mitt Romney would win the Wisconsin primary and effectively end the race for the Republican nomination, Milwaukee talk radio host Charlie Sykes asked about his embrace of Paul Ryan’s budget.Read more
In a recent campaign television ad, President Barack Obama states, "I believe the only way to create an economy built to last is to strengthen the middle class. Asking the wealthy to pay a little more so we can pay down our debt in a balanced way." The last part--committing to pay down the national debt--is a promise Obama's reiterated throughout his presidency and campaign.Read more
Senator Mike Lee criticized President Obama's and the Democrats' plan to raise taxes, saying that "their proposal would leave 94% of this year's deficit intact, which makes it an inherently unserious proposal insofar as it relates to deficit reduction."Read more
The House Financial Committee just concluded grilling banker Jamie Dimon on risky financial bets his firm, JPMorgan Chase, made that resulted in losses of at least $2 billion last month. Today’s hearing follows up on last week’s Senate Banking Committee grilling of Dimon on the same bad bets.Read more
The eurozone might be cracking up, but as far as debt goes, America appears to be in worse shape than the entire eurozone in the long run. According to a new chart set to be released later today by the Republican side of the Senate Budget Committee, America is on track "to add three times more debt than [the] eurozone over [the next] 5 years."Read more
New Jersey Republican governor Chris Christie blasted President Obama in a speech earlier today at a conservative conference in ChicagoRead more
I received this smart email from a reader:
When dealing with budgets, a spending cut is routinely defined as a reduction from previously planned spending, i.e. if we planned for spending to increase by 4% and it only increases by 3% there's been a spending cut.Read more
The tide sweeping from Greece across Europe and into the United States is washing away support for austerity, in some cases reinforcing opposition to it, largely from the left. President Obama is delighted at this support for his refusal to cut spending in the face of mounting deficits, and the Republicans are feeling beleaguered at what they see as the disinterment of the body of works of John Maynard Keynes.Read more
If you ever find yourself engaged in a debate over why our national debt — now $15.7 trillion —has risen $5.9 trillion over the past four years and $15.4 trillion over the past fifty years, NPR has released a useful chart (based on figures provided by the White House Office of Management and Budget) that helps to answer the question.Read more
The Republican Senate Budget Committee will release this new chart later today, showing that the "U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain."Read more
President Obama likes to say that a strong America abroad rests on a strong America at home. What he and his administration continue to ignore, however, is that a prosperous America at home has in no small way rested for decades on America’s global military preeminence.Read more
Charles Blahous, a senior research fellow at the Mercatus Center, published a study last week about the disastrous effect of Obamacare on the budget deficit--in direct contrast to claims by the Obama administration (supported by the Congressional Budget Office) that the law would reduce the deficit. Blahous estimates that over 10 years, Obamacare will add a net $1.15 trillion to the federal deficit.Read more
The cost of President Obama is $5,027,761,476,484.56 (so far!), according to CNS News:
In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government's debt increase by more than $5 trillion during his time in office.Read more
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