CHART: Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office

By Guest Blogger on May 15, 2012 at 5:00 pm

Our guest blogger is Michael Linden, Director for Tax and Budget Policy at the Center for Center for American Progress Action Fund".

Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.

In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of gross domestic product. Total spending this year, fiscal year 2012, is expected to top out at 23.4 percent of GDP.

Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP. This year? 15.8 percent.

One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP. This year’s deficit is expected to come in at 7.6 percent.

The fact is that Obama inherited a disaster of a federal budget. Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion surplus. By the time Obama was sworn in, he was facing a $1.2 trillion deficit. Inconvenient though it may be for conservatives (especially those who are running for president), the truth is that spending, taxes and the deficit are all lower today than when President Obama took office.

This material [article] was created by the Center for American Progress Action Fund

Technorati Tags: Barack Obama,Taxes,The Deficit,Government Spending,Politics,Current Events,Center for American Progress Action Fund

Obama Campaign Comes Out With Guns Ablazin'!

By brooklynbadboy  Mon May 14, 2012   Original Post

I just want to extend a hearty OOHRAH to the Obama Campaign for taking off the goddamn gloves and going to work on Mitt Romney's ribcage and kidneys. The Monday morning carpet bombing is a beautiful thing to behold. I think the Bain attack ad is pitch perfect and spot on.

I'm especially glad they opened up with the Kansas City story. That's a good way to make Romney protect his face. He now knows the Obama Campaign isn't playing tiddly winks. They're going to go right at his entire life experience. (They should go to work on Mormonism too, but I know they don't have the stomach for it. However, hope springs eternal.).

As has been pointed out, there are so many ways to go with Bain. Mitt Romney is touting it has is central justification for being president. So its totally fair game to mine this thing and flesh out every end of the story. And trust, there are at least several big stories in every single swing state. Every one. If the Obama Campaign keeps it up, and ignores the assmunch pundits in Washington, you'll see Romney's numbers begin to drop in short order over the summer and his negatives climb even higher.

What's so beautiful about the Bain ad is that Romney can't blame "a Democratic legislature" or "economic conditions" or anybody else for his activities. He was the founder and boss of Bain. Everything they do, he's the only guy responsible because he was in charge. The moment he starts running from his record at Bain, that's when you know he's bloody and headed for the canvas.

Kudos to Campaign Manager Jim Messina and media & oppo teams.

Also republished by The Federation.

Technorati Tags: Barack Obama,Obama Campaign,2012 Elections,Mitt Romney,Current Events