5 posts tagged “spending”

John Taylor writing for the Financial Times had this to say about our government spending practices. 

Best line? 

Ask and your shall receive:

The debt was 41 per cent of GDP at the end of 1988, President Ronald Reagan’s last year in office, the same as at the end of 2008, President George W. Bush’s last year in office. If one thinks policies from Reagan to Bush were mistakes does it make any sense to double down on those mistakes, as with the 80 per cent debt-to-GDP level projected when Mr Obama leaves office?

Maria Bartiromo:  Do you want to encourage him (Obama) to pull his spending plans?

Barney Frank:  Well, I think at this point, there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat.

So is he talking about another potential stimulus package for the economy or spending on Democratic minded programs?  I wonder if he is telegraphing the latter...  Because he sure didn't sound like he answered the question about pulling back on spending plans...

James Pethokoukis on Obama's paltry spending cut ideas.

My take: In a $3 trillion federal budget, that's it, that's all the fat—just defense and some procedural changes. How about limiting discretionary spending growth to inflation minus 1 percent or such? Oh, and on the subject of taxes, don't think Obama will wait until the 2001 and 2003 tax cuts expire in 2010.

Raise taxes and continue to spend even more.  Hmm...  I wonder if McCain has the same thoughts on spending?

I guess this is further evidence the troops don't think so.  Inevitable outcome of Democratic cut backs in military spending? (link has great photos)

For those moaning about the federal deficit, it looks like it is down.  And it is projected to be down even if Bush's supplemental bill for Iraq goes through.

It is down $164 billion from 2004.

Thank you humming economy.  Oh wait, I thought tax cuts didn't work.