Stuff I wish I’d thought of but didn’t:
Obama is spending way more than _____________ (choose your president/decade). This is true. Krugman ‘splains why:
The fact is that federal spending rose from 19.6% of GDP in fiscal 2007 to 23.8% of GDP in fiscal 2010. So isn’t that a huge spending spree? Well, no.
First of all, the size of a ratio depends on the denominator as well as the numerator. GDP has fallen sharply . . .
A 6 percent fall in GDP relative to trend, all by itself, would have raised the ratio of spending to GDP from 19.6 to 20.8, or about 30 percent of the actual rise.
That still leaves a rise in spending; but most of that is safety-net programs, which spend more in hard times because more people are in distress . . .
That’s another 2 points of GDP, or about half the rise.
So we’re still left with a bit, around 1 point of GDP. That’s the stimulus, more or less. And there are two things you need to know about it. First, it’s temporary, and already fading out fast. Second, a large part of the stimulus “spending” was actually aid to state and local governments, intended not to expand spending but to avert a fall — that is, it was about maintaining government, not expanding it.
Now that wasn’t hard, was it? Of course, that doesn’t change the fact that Obama’s still a commie plant, here to destroy us from within.