A Brief History Of Obama's Fiscal Record

Tyler Durden's picture

After working hard to compile a list of Obama's rather questionable record of fiscal promises and actual executions, the gist of which is represented best by the violent clash between myth and realty in Christina Romer's "The Job Impact of the American Recovery and Reinvestment Plan" whose epic failure is defined by one simple chart, we were disappointed to learn that Paul Ryan had already done this. And leaving Paul Ryan's politics aside, the facts do speak themselves. They speak even louder when one considers the din raised by the same president who back in 2006 said: "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." Indeed they do president Obama. Indeed they do. So without further ado...

A brief history of President Obama's fiscal record.

Despite newfound concern with the debt overhang stifling
economic growth, President Obama’s record falls far short of his
rhetoric.  Let’s review the decisions made by President Obama and
Congressional Democrats over the past couple of years, and the
disappointing results of their policy choices:

January 20, 2009 
President Obama sworn into office

  • President tells the American people in his Inaugural Address: “Those
    of us who manage the public's dollars will be held to account, to spend
    wisely, reform bad habits, and do our business in the light of day,
    because only then can we restore the vital trust between a people and
    their government.”

  • Debt Held By Public = $6.31 trillion

February 17, 2009
President Signs into Law the Spending Stimulus

  • The stimulus adds $821 billion in new spending according to the Congressional Budget Office (CBO).

  • The White House promises this infusion of spending and borrowing
    would keep unemployment rate below 8%.  As millions of Americans are
    painfully aware, that promise was broken.

  • Debt Held by Public = $6.48 trillion

February 26, 2009
President Issues FY2010 Budget

  • The President’s budget adds $2.7 trillion in new debt in FY2010 and imposes $1.4 trillion in new taxes.

  • Debt Held by Public = $6.58 trillion

March 11, 2009
President Signs FY2009 Omnibus Appropriations Act

  • The massive spending bill includes 8,696 earmarks at a cost of $11 billion.

  • The spending bill adds $19 billion in new spending above the baseline – an 8.6% spending increase.

  • Debt Held by Public = $6.66 trillion

April 29, 2009
Congressional Democrats Pass FY2010 Budget

  • The Congressional Democrats’ budget calls for a $2 trillion debt increase in 2010, and another 8.9% increase in non-defense discretionary spending.

  • The reconciliation process is abused to later pave the way for health care overhaul to be jammed into law.

  • Of note: this is the last time Congressional Democrats will bother budgeting.

  • Debt Held by Public = $6.85 trillion

February 2, 2010
President Issues FY2011 Budget

  • The President’s budget more than doubles
    the debt; pushes the FY2011 deficit to a new record of $1.6 trillion;
    drives spending to a new record of $3.8 trillion in fiscal year 2011;
    and raises taxes by more than $2 trillion through 2020, under the
    administration’s own estimates.

  • Debt Held by Public = $7.85 trillion

March 23, 2010
President Signs Health-Care Overhaul Into Law

  • The massive new law adds $1.4 trillion in new spending over the next decade, and over $2.5 trillion once the law is fully implemented.

  • Despite sluggish economic growth and high unemployment, the law
    imposes over $500 billion in new tax hikes.  CBO Director Elmendorf
    would later testify that the law would reduce employment by roughly half
    a percent – a reduction of approximately 800,000 jobs.

  • Debt Held by Public = $8.18 trillion

April 15, 2010 
Congressional Democrats Decide Not to Do a Budget for FY2011 

  • The 1974 Budget Act requires Congress to pass a budget each year by April 15.

  • In an unprecedented budget failure, House Democrats not only failed to pass a budget – they opted to not even propose a budget.

  • Debt Held by Public = $8.39 trillion

July 21, 2010
President Signs Financial Regulatory Overhaul Into Law

  • In addition to heightened regulatory uncertainty, the massive new law adds $10.2 billion in new spending.

  • Debt Held by Public = $8.69 trillion

February 14, 2011
President Issues FY2012 Budget

  • The President’s budget yet again calls for the doubling of the debt in five years, and tripling the debt in ten years.

  • The President’s budget spends $47 trillion over the next decade,
    imposes over $1 trillion in new tax hikes, and fails to address the
    drivers of the debt.

  • Debt Held by Public = $9.45 trillion

April 13, 2011
President Delivers Speech on Deficit Reduction

  • The President appears
    to abandon his own budget by offering a ‘framework’ that calls for
    additional tax increases, defense spending cuts, and Medicare price
    controls – yet lacks sufficient detail to back-up claims of deficit
    reduction.

  • Debt Held by Public = $9.65 trillion

April 15, 2011
House Passes FY2012 Budget Resolution

  • The House-passed budget
    cuts $6.2 trillion in government spending over the next decade, saves
    Medicare, strengthens the social safety net, lifts the crushing burden
    of debt, and spurs economic growth and job creation.

  • Senate Democrats fail to meet their legal requirement to pass a budget by April 15.

  • Debt Held by Public = $9.68 trillion

April 18, 2011
S&P Issues Credit Warning on U.S. Debt

  • The rating agency sets off the latest alarm bells, warning of lawmakers of unsustainable fiscal course.

  • President Obama has still not proposed a credible budget; Senate Democrats have still not proposed any budget.

  • Debt Held by Public = $9.68 trillion

May 13, 2011
Medicare and Social Security Trustees Issue Warning of Looming Insolvency

  • According
    to the programs’ own trustees, the unsustainable future of Medicare and
    Social Security threatens the health and retirement security of
    America’s seniors.

  • President Obama and Congressional Democrats continue to engage in
    a partisan campaign to attack efforts to save and strengthen these
    critical programs – while offering no serious solutions of their own.

  • Debt Held by Public = $9.67 trillion

May 25, 2011
Senate Unanimously Rejects President’s FY2012 Budget; Vote is 97-0

  • While the President’s plan to accelerate our nation toward bankruptcy is unanimously rejected, the stunt on the Senate floor reveals the bankruptcy of Senate Democrats’ ideas.

  • Senate Democrats have still not proposed any budget.

  • Debt Held by Public = $9.72 trillion

June 23, 2011
CBO Director Further Discredits President’s Fiscal Record

  • In testimony before the House Budget Committee, CBO Director Doug Elmendorf responds to questions on the President’s ‘Framework’: “We don’t estimate speeches.  We need much more specificity than was provided in that speech for us to do our analysis.”

  • Debt Held by Public = $9.74 trillion

July 8, 2011
Unemployment Hits 9.2%; Day 800 Since Senate Democrats Last Passed A Budget

  • A devastating jobs report that shows the unemployment rate at 9.2% coincides with the 800th day since Senate Democrats last thought the federal government needed a budget.

  • Debt Held by Public = $9.75 trillion

July 11, 2011
Senator Conrad Gives Budget Speech on Senate Floor

  • On Day 803 since the Senate last passed a budget, Senate Budget Committee Chairman Kent Conrad takes to the Senate floor to deliver a speech about the Senate Democrats’ non-existent budget resolution.

  • Senator Conrad makes the case for imposing over $2 trillion in new taxes, but provides no actual budget resolution and no credible details.

  • Debt held by Public = $9.75 trillion

July 15, 2011
President Holds Press Conference: “We’re Running Out of Time” to Deal with Debt

  • President Obama tells reporters: “I've
    got reams of paper and printouts and spreadsheets on my desk, and so we
    know how we can create a package that solves the deficits and debt for a
    significant period of time.  But in order to do that, we got to get
    started now.”

  • The American people have still not seen any “paper” or “printouts” of what specific spending cuts the President supports.  The American people have still not seen any “spreadsheets” from the White House to corroborate their claims of having offered a deficit reduction plan.

  • While it’s long past time for Washington “to get started now” on
    tackling our debt problems, President Obama has still not proposed a
    credible budget, and Senate Democrats have still not proposed any budget.

  • Debt Held by Public = $9.75 trillion

Blame the teleprompter?

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Eireann go Brach's picture

But but but "We are not Greece or Portugal says Obama"...famous last words by the man who has less leadership and financial experience than a 7 year old kid running a lemonade stand!

LaLiLuLeLo's picture

That's why they're shutting them all down.

http://hosted.ap.org/dynamic/stories/U/US_ODD_LEMONADE_STAND_SHUT_DOWN?S...

"Didn't know how the lemonade was made"

trav7777's picture

thank god for the nanny state!

And Oblama is a JOKE...he conned Mike Krieger outta his vote, though

narapoiddyslexia's picture

The worst part is that, while Obama has turned out to be a joke, the joke is on us.

His worst sin is his embrace of the bankster criminal gangs. Listen to Rickards. Obama has continued this racket.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/16_Jim_R...

DeadFred's picture

THe little riff-raffs got off easy, no homeland security, no gitmo, no body cavity searches. (sarc/on)

knukles's picture

Well, maybe the gubamint ought be shut down, 'casue they don't know how a budget is made, how a deficit is made or unmade, how or why an economy is as sick as it is, how or what to do about it....

Police are closin' down the wrong bizniz.

Republi-Ken's picture

OH! $UCK THE DEBTCOCK...

Republicans Raised Debt Ceiling 7X from 2000-2008...

AS Dick-Head Cheney Gasped, "Deficits Do Not Matter".

Tortfeasor's picture

You dare to argue with the words of your lord and savior B.H. Obama?

Piranhanoia's picture

but god is interchangeable, as are empty suits pretending it is anyone other than their best friends that did it. We've always not been at war with Oceania.

narapoiddyslexia's picture

We've been at war with Oceania since 12/7/1941. And, as Cheney said, "This war (with Muslims) will not end in our lifetimes." And Halliburton immediately, and gleefully, decamped to Iraq. And Cheney actualy said, earlier, "Reagan proved deficits don't matter."

LowProfile's picture

They're all dicks.

Get over it.

weinerdog43's picture

Republic party = pro slavery, pro child labor.  Sorry.  This website's underwear is showing.  Tyler never ever complains about the past 30-40 years of gubmint/conservative screw ups.  Heaven forbid the Tyler's pet party get a diss.  Obviously, this all Barry's fault.  Yeah, Barry sucks, but when you blame him without calling out the republics, then I'm saying to you Tyler, fuck you.

So please go back to your conservatard utopia where we can all live in the blissful land of Somalia.  Heaven forbid that we have mean words spoken of our Republic party/fascist overlords.

 

weinerdog43's picture

I came back to perhaps edit my comment for being unduly harsh.  But after consideration, no.  One has to be incredibly moronic to be a Republic party supporter these days.  They are without question even more resistant to intelligence than the moronic Dems. 

DrunkenMonkey's picture

Tyler Durden is the ultimate agent provocateur and I'm sure a wry smile appears on his face when you express your own opinion and call him on his deliberate bullshit.

Kudos to you sir.

sun tzu's picture

Don't forget they also drink the blood of newborns and stomp on puppies.

 

Do you really expect anyone to take your rant seriously?

augie's picture

Where is "manthong" when you need him. He's REAL easy to take seriously. Talk about adding perceived "credibility." I mean, MIND FUCK. Am I right?! Yeah! Come On!

goldenbuddha454's picture

We need more and bigger government, more regulations on business, more stimulus, more people asking for handouts, more monitary easing, more cash for clunkers, free healthcare for everyone, more sub-prime lending, more people on medicare, welfare and social security, more wars, a higher debt ceiling, more harvard and yale professors in government, more imports from China, more outsourcing of jobs to India, more high speed train projects, nationalizing of all private industry, especially oil, like Venezuela. Then this country will be on the right track.

Clinteastwood's picture

You forgot: we need to tax corporate jets.  Then everything will be alright.

goldenbuddha454's picture

Oh yes, and tax corporate jets too.  That will allow us to balance the budget with a whole billion and a half in revenue over ten years.  Good Idea!

sun tzu's picture

What Dick-Sucking 0bama said in 2008:

Obama told reporters he would ban pork-barrel spending projects known as earmarks from his proposal to stimulate the economy. He also vowed to make the difficult choices necessary to curb runaway deficits and debt.

Dick-Sucking 0bama also voted against raising the debt ceiling in 2006

WestVillageIdiot's picture

Would anybody trust Obama to run their personal finances for them? 

rodocostarica's picture

You are absolutley right he is a dick sucker in the highest magnitude.

 

Trouble is he does not know how to deep throat

 

Oh well maybe Queen Michelle will teach him.

trav7777's picture

nah, the prevailing rumors are that he likes to receive from older white men.  Apparently, some of our esteemed GOP "representatives" like to service

RickC's picture

Cheney was saying the deficit would not matter to the 2004 elections.  Cheney was right.  I doubt anyone would agree deficits will not matter to the 2012 elections. 

Calmyourself's picture

Shhh.. Proper context only makes it's head hurt.. It puts the lotion on or it gets the truth.  It puts the lotion on..   Put the lotion on bitch!....

rocker's picture

Deficits do matter. But I do not get why you got junked. Unless it was completly political.

Dick Fuck Cheney did say, Deficits "Do No Matter". Do not blame the messanger. Blame Cheney.

I guess Deficits matter when they benefit the ones who earned their Social Security and need it.

But not when the elite, who got paid for the war, enjoyed the money and profits made from it.

Things that make me go Hmmmmm.

DosZap's picture

Deficits do not matter, as long as they are deficits small enough to pay back.

Let's stop chunkng rocks, and taking things of of context and time periods.

When you have a 5% UE rate, and a healthy vibrant economy,lots of revenue streams,then they do not make a crap.

When you have a 14.3 Trillion deficit, 22% UE Rate,and nearly no revenues, it do make a huge difference.

JPM Hater001's picture

Actually 7 year olds get a bad name when you make comparisons like this.

 

It would be more proper to say a 7 year old running a lemonade stand thus generating at least one new job and what Obama has done to the economy and employment are completely different beasts.

 

The lemonade stand owner probably hasn't figured out how to bankrupt the USA yet.

SheepDog-One's picture

The idea we have today of the president being the leading genius and all around top expert on everything in the land is whats really insane. 

RockyRacoon's picture

Yeah, where are all those bible-thumpers who show up to quote scripture.   Obama knoweth not what he does, so he should be forgiven.   If he is all that stupid/smart then how can blame be properly and fairly placed?   If he's so stupid then it's not his fault -- he's just stupid.   If he's all that smart, then it's not his fault -- he has a hidden agenda driven by other in conspiratorial circles.   Facing facts, it's the hot seat that he occupies, and those not smart enough to lay blame where it belongs pick the low hanging fruit of the Presidency.  

Me?  Glad you asked.   It's coming down, folks.   Enjoy the show.   It has been everyone's fault, including mine, for about 50 years +/- 20%.    It's not the sole responsibility of some current occupant of a high elected office.

DosZap's picture

RR,

 It has been everyone's fault, including mine, for about 50 years +/- 20%.

 

How so?, for not getting involved?.

 

Otherwise NO one here is to blame, unless you had a hands on , and the ability to CHANGE things on your OWN.

You had to go along with the system, or move overseas.

 

I have voted, sent letters,emails, phone calls for 25yrs, and have I done anything to maybe even slow the process down?.

 

Surely we have...........but, it wasn't enough.

RockyRacoon's picture

I have done as you, my friend.   But I've not been active in the sense that would make any difference.   All the voting and communication don't mean shit -- never has.   The only thing that will work is revolution, and there just aren't enough of us to form a coalition... yet.   Things will have to get worse before that can happen.    Things just aren't bad enough.   I have done much of what I can as an individual.   The chore is going to have to migrate to either an organized effort, or an unorganized mob.    We can have orderly change?   Nah.

baby_BLYTHE's picture

Doesn't matter wheather he actually meant that or not back then.

The only thing that matters to him now is pleasing his masters who put him into power.

DoChenRollingBearing's picture

Correct.  

Quite a record our illustrious leader has.

There has been no Change, and we have no Hope.

Prepare accordingly everyone.

Goldtoothchimp09's picture

Since Obama is the anti-christ.... "his masters who put him into power" would be.............? hmmmmm .... Satan maybe?!

DeadFred's picture

You're getting warmer, keep guessing.

baby_BLYTHE's picture

Look up the top contributors to his presidential campaign.
Doubt you will find any surprises.

Sudden Debt's picture

those who voted for him and expected him to solve all their problems because they "invested" a few hours of their life going to vote.

That don't make him the anti-christ.

And what do you expect? He had to fund his campaign with corporate funds. Do you think that was for free?

HELLO OBAMA! REMEMBER US?!

MEET MY LITTLE LOBBY FRIENDS!

 

Alcoholic Native American's picture

"I killed Sheikh Usama",

 

Something this clown will never be able to say truthfully.

 

 

WestVillageIdiot's picture

By November 2012 the supposed killing of Osama Bin Laden will have about as much impact on the election as what I had for breakfast this morning.

By the way, it was leftover pizza. 

sitenine's picture

The 'covert opperation' was not about reelection.  Big O needed pretext to start withdrawing troops from Afghanistan to fulfil an asinine promise he made when sending troops there in the first place.

Ahmeexnal's picture

Functional illiterates.
The idiot on the video says:
"the swiss franc was worth 4.2 dollars. and today the swiss franc is worth .81 dollars"

No, moron. It's the other way around. The USD was worth 4.2 CHF and now it's worth 0.81 CHF.

JustPrintMoreDuh's picture

Rascists!! 

 

You know its coming ...