Some of our well-meaning friends on the left have been telling us that our deficits are so large because we are under taxed, supposedly the least taxed people in the developed world. When people like your host suggest that our deficits have skyrocketed because we are spending too much money, why we are dismissed as radical right wingnuts, whose opinions aren’t really worth taking into account.
However, the editors of
decided to look at our spending track, using data from what our good friend Perry keeps calling the “non-partisan” Congressional Budget Office:
That’s how much the spending baseline has increased in 31 months.
Speaking last Wednesday in Columbus, Ohio, President Obama asked, “How do we, over the long term, get control of our deficit?” Good question.
Here’s the answer suggested by last Thursday’s semi-annual budget summary from the Congressional Budget Office: Stop spending so much.
CBO’s mid-year review largely reinforces the bad news we already knew—to wit, that spending has exploded since Democrats took over Congress in 2007, first with the acquiescence of George W. Bush and then into hyperdrive after Mr. Obama entered the White House.
That’s as much as I can quote and stick with “fair use” guidelines. But what the editors did was to take the CBO’s budget baseline estimate released last Thursday, and compare it to their budget baseline estimate in January of 2008.
Remember this: these are the CBOs estimates of total federal government spending, not the federal budget deficit. The CBO took, in both instances, federal spending as predicted is based on the law at the time the estimates are made. And the CBO says the deficit will still be nearly $1.1 trillion in 2011, even under the assumption — as part of current law — that all of the 2001 and 2003 tax cuts will expire.
The editors noted that annual average increase in domestic, non-defense discretionary spending for 1999 through 2008 was 6.4%. Now that’s way too high, especially given that, during his 2000 presidential campaign, George Bush said that increases would be around 4%.
But in 2009, domestic, non-defense discretionary spending increased 11.2%, and is scheduled to increase by 14.7% in 2010.
Yet our friends on the left would claim that our deficits are so large because we are under-taxed, not because we overspend. Sheesh!
Or, to put it in a different perspective, the ten-year baseline increase of $4.4 trillion in new spending is $1.4 trillion higher than the entire federal budget for FY2008,¹ and nearly a trillion higher than the entire federal budget for FY2010. In effect, President Obama and the Democrats who control the Congress have added more than an entire fiscal year’s spending to the next ten years!
Jennifer Rubin of Commentary magazine — to whom I owe the hat tip for the WSJ article — wrote:
Here’s a plan for the deficit commission: just return to the 2005 level of spending. Civilization as we know it would not end. The government would still deliver essential services and very much more.
And she concluded that, the next time President Obama campaigns for someone — or for himself — by saying that voting for Republicans is voting to return us to the Bush ear, we should respond, “We should be so lucky!”
Our (current) blog tagline has been, “President Bush and the Republicans spent way, way, way too much money, but when it comes to spending, they were bush leaguers — pun intended — compared to President Obama and the Democrats.” It looks like the editors of The Wall Street Journal just proved it.
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¹ – Budget of the United States: Historical Tables, .pdf format, Table 1.1, pages 22 and 23.