GTSCW: The Buck Changes Here
In honor of Paul Ryan’s fantasy budget let’s take a look at actual changes in government spending in this edition of Graphs that Subvert Conventional Wisdom.
You might be wondering, “How can this be? I thought that socialist Obama is spending us into fiscal armageddon! Hasn’t the deficit skyrocketed?”
Sorry, those graphs cluttering your inbox from your right-wing uncle misled you. They fail to explain that the deficit is higher because the economy went into recession. GDP is smaller so spending when measured as a percentage of GDP appears like it’s jumped more than usual. The deficit is higher because of huge tax cuts by Obama, less revenue from a weak economy, a temporary stimulus and other measures to help people hurt by the recession. The 44th President hasn’t radically departed from those before him… turns out he’s actually been pretty modest.