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No one would ever accuse the Cato Intstiute, a libertarian think tank, of bowing to President Obama and his administration. They are no friends of Democrats or liberals. So when Cato comes to the defense of Obama, it’s worth noting.
Two weeks ago, Foxnews.com posted this story…
President Obama has shattered the budget record for first-year presidents — spending nearly double what his predecessor did when he came into office and far exceeding the first-year tabs for any other U.S. president in history. In fiscal 2009 the federal government spent $3.52 trillion …That fiscal year covered the last three-and-a-half months of George W. Bush’s term and the first eight-and-a-half months of Obama’s.
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When Mr. Obama was sworn into office the federal deficit for this year stood at $422 billion. At the end of October, it stood at $1.42 trillion.
Daniel J. Mitchell of Cato, who wrote he felt nauseated by the Fox story, felt a need to set the record straight.
I’m a big fan of criticizing Obama’s profligacy, but it is inaccurate and/or dishonest to blame him for Bush’s mistakes. At the risk of repeating my earlier post, the 2009 fiscal year began on October 1, 2008, and the vast majority of the spending for that year was the result of Bush Administration policies. Yes, Obama did add to the waste with the so-called stimulus, the omnibus appropriation, the CHIP bill, and the cash-for-clunkers nonsense, but as the chart illustrates, these boondoggles only amounted to just a tiny percentage of the FY2009 total — about $140 billion out of a $3.5 trillion budget.
So if we do the math, President Obama is responsible for 4% of the 2009 federal budget. The other 96% is Bush’s handiwork. How strange that Fox did not mention any of that. It was left to the Cato Institute to set the record straight.
I like their analogy…
Obama’s FY2009 performance is like a relief pitcher who enters a game in the fourth inning trailing 19-0 and allows another run to score. The extra run is nothing to cheer about, of course, but fans should be far more angry with the starting pitcher.
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