An analysis of federal spending by a MarketWatch editor found that President Obama has presided over the slowest growth rate since Dwight Eisenhower.
The 1.4% annualized pace under Obama compares to highs of 8.1% under President George W. Bush’s second term and 8.7% during President Ronald Reagan’s first term.
The journalist, Rex Nutting, writes:
What people forget (or never knew) is that the first year of every presidential term starts with a budget approved by the previous administration and Congress…The 2009 fiscal year, which Republicans count as part of Obama’s legacy, began four months before Obama moved into the White House. The major spending decisions in the 2009 fiscal year were made by George W. Bush and the previous Congress.
Like a relief pitcher who comes into the game with the bases loaded, Obama came in with a budget in place that called for spending to increase by hundreds of billions of dollars in response to the worst economic and financial calamity in generations.
White House Press Secretary Jay Carney scolded reporters for not figuring this out sooner. “Do not buy into the BS that you hear about spending and fiscal constraint with regard to this administration,” he told reporters earlier today.