Thursday, November 26, 2009

"Obama Shatters Spending Record for First-Year Presidents" (UPDATED)

Not surprising but still alarming is this story from FoxNews:

"The federal government spent $3.5 trillion during President Obama's first year in office. This far exceeds the spending for any other first-year president.

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."

The only question I have is whether Obama himself will acknowledge this record-breaking spending is "unprecedented." To say that our government is spending money like drunken sailors is clearly insulting . . . to drunken sailors.

UPDATE: Can we avoid California's fate?:

"California could have dealt with its budget problems gradually--it's not like you couldn't see this mismatch coming, unless you thought that asset prices would always rise at 10% a year.  But legislators wanted to give voters goodies now, and voters rewarded them for it.  Now everyone's getting what they asked for: disaster.

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