- The White House publishes Receipts (money received from taxes and other sources), Outlays (money spent), and Deficit/Surplus (the difference between the two) for every year since 1789.
- Those numbers can be downloaded in Excel here: http://m.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist01z1.xls
- From 1789 through 2008 total net deficit/surplus, for every president prior to Barack Obama, was -$5,326,088,000
- From 2009 through 2012, for Obama, total net deficit/surplus was -$5,332,720,000
- The total net deficit/surplus under Obama is -$6,632,000 more than all previous presidents combined.
So, where does this amusing piece of propaganda come from? There are many tortured statistical falsehoods used but my favorites are:
- You can’t count Obama’s Stimulus spending because Bush made him do it!
- You can’t count any military expenditures because Bush made him do it!
- You can’t count government welfare spending and unemployment spending because Bush made him do it!
How about Bush and Reagan?
- Deficit under Reagan: $1,491,196,000
- Deficit under Bush: $2,005,615,000
- Deficit under Obama: $5,332,720,000
How about spending as a % of receipts (what’s going out vs what’s coming in)?
- Spending under Reagan: 122%
- Spending under Bush: 112%
- Spending under Obama: 159%
It’s worth noting that Reagan was spending during a time GDP was rapidly expanding. Obama is spending during a significant GDP retraction. At this time in Reagan’s presidency, GDP growth was 7.2%. At this time in Obama’s presidency, GDP growth for the second quarter 2012 was 1.3% and 3.1% for the third quarter 2012.
Of all the progressive propaganda this is probably the most egregious.