Where’s that “Net Spending Cut” Obama Promised?
Candidate Barack Obama, October 15, 2008, third presidential debate:
But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments.
Now, what I’ve done throughout this campaign is to propose a net spending cut.
Economist Kevin Hassett, May 19, 2009, Bloomberg News columnist:
Extrapolating out the 2007 CBO forecast, our government plans to spend about $5.6 trillion more between 2009 and 2018 than was projected to be spent when the Democrats took over control of Congress.
To put that number in perspective, at the start of the 2007 budget year, Democrats inherited $4.8 trillion in outstanding government debt. That means that all of the deficits that have been run through all of history, funds that were used to finance the Vietnam War and the Iraq War and everything else in between, would be smaller than the spending increases of Democrats over the next 10 years if they are permitted to stay in power and keep up this pace.
(H/t for Hassett quote: The Corner.)
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I think the spending cuts BO promised refer to Americans such as myself, not the federal government. I have certainly cut back on spending.
Comment by Mookie — May 18, 2009 @ 3:33 pm - May 18, 2009
does anyone have some chapstick? i need some chapstick.
Comment by bob (aka boob) — May 18, 2009 @ 7:19 pm - May 18, 2009
Maybe you could talk Obama into shaving his balls.
Comment by ThatGayConservative — May 18, 2009 @ 9:41 pm - May 18, 2009
When do the Democrats finally take responsibility for their binge spending? It is not just Obummer who has OCD.
I disagree with one statement in the article and that is claiming that the “stimulus” was Keynesian. I would say that this is not accurate because Keynes did not advocate spending on pork projects. Rather, he was writing about infrastructure projects and putting people to work in other ways, as well as some welfare to tide people over. You have to take into consideration the poor state of the English welfare system in the Nineteenth and early Twentieth centuries to get the point about when welfare is required to tide people over.
What is not Keynesian is the notion that one has an entitlement to welfare a la Paula who wants to kill people who do not agree with her point of view.
Comment by thestraightaussie — May 18, 2009 @ 10:12 pm - May 18, 2009
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Pingback by Instapundit » Blog Archive » GAY PATRIOT: Where’s That “Net Spending Cut” That Obama Promised?… — May 19, 2009 @ 9:16 am - May 19, 2009
GayPatriot » Where’s that “Net Spending Cut” Obama Promised?…
But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments.
Now, what I’ve done throughout this campaign is to propose a net spending cut….
Trackback by political.com — May 19, 2009 @ 9:33 am - May 19, 2009
I think what President Unicorn meant is that we’re going to spend less on nets during his misrule, though the bureaucrats at the Federal Department of Nets, Webs and Meshes will all be transferred into the important Agency for Digging Big-Ass Holes to Pour Money Into.
Comment by Jeffersonian — May 19, 2009 @ 9:42 am - May 19, 2009
[...] continue to be amazed that people think that this president is honest, when there is such a huge ongoing gap between words and deeds. Who was foolish enough to believe [...]
Pingback by How About That Net Spending Cut? - Transterrestrial Musings — May 19, 2009 @ 9:55 am - May 19, 2009
Roll the video….
Comment by dan — May 19, 2009 @ 9:57 am - May 19, 2009
I’m sure Obama just meant he was going to cut spending only on constitutionally mandated projects… like Defense.
Comment by DoDoGuRu — May 19, 2009 @ 9:57 am - May 19, 2009
Well yes, the Ogabe administration has made some spending cuts, specifically to the vetting office which does background checks on his appointees.
Obviously.
Comment by Gonzales — May 19, 2009 @ 10:06 am - May 19, 2009
Mookie is right. He said “we’ve” been living beyond our means, the we is us.
Comment by exceller — May 19, 2009 @ 10:28 am - May 19, 2009
Is this one of those questions that we get: ‘The answer, my friend, is blowing in the wind…’?
Because this Administration is just about up to a full song’s worth now.
Comment by ajacksonian — May 19, 2009 @ 11:31 am - May 19, 2009
I think it’s like with the millions of jobs he’s “created or saved.” Just think about how much higher the deficit *could* be!
Comment by Squid — May 19, 2009 @ 12:03 pm - May 19, 2009
Obama, having no principles, will say whatever he thinks is popular. Then do whatever he thinks is popular. The two have no relation other than the winds of public opinion.
Comment by Ken Hahn — May 19, 2009 @ 12:34 pm - May 19, 2009
Squid,
President Obama’s invented ‘Quantum Economics’ “it could have been so much worse, but observing what we’ve done changes the result, so stop watching me spend money, so it will work!”
Comment by The Livewire — May 19, 2009 @ 12:47 pm - May 19, 2009
#3 – “Maybe you could talk Obama into shaving his balls.”
AAUGH!! MIND BLEACH!! WHERE THE FRACK IS THE MIND BLEACH?!!
TGC, you owe me a lunch that I just lost after reading that comment.
Regards,
Peter H.
Comment by Peter Hughes — May 19, 2009 @ 1:02 pm - May 19, 2009
The “net spending cut” will come next year or the year after (probably next year) when Obama asks TARP people for the money back, and suddenly has a “surplus” that didn’t really exist in the first place.
Comment by Landivar — May 19, 2009 @ 1:42 pm - May 19, 2009
[...] the case, then why did the successful Presidential candidate in the last election promise “net spending cuts,” “line-by-line” budget cutting, gun protection, and a health care plan which [...]
Pingback by Party Purity — May 19, 2009 @ 4:11 pm - May 19, 2009
How many zero’s in NINE TRILLION DOLLARS.
That’s Obamateleprompters legacy. Already written. Astounding.
Comment by Gene on Pennsylvania — May 19, 2009 @ 6:41 pm - May 19, 2009
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Pingback by Obama’s Broken Promises, A List of Links « Chiefly Musing — May 21, 2009 @ 7:32 am - May 21, 2009
[...] which a candidate behaves contrary to his campaign promises: Candidate Barack Obama, October 15, 2008, third presidential [...]
Pingback by Net Spending Cut? — October 28, 2009 @ 2:04 pm - October 28, 2009