Last night President Obama accepted his party’s nomination to run for a second term as President, just as the nation’s debt clock clicked over $16 trillion, a sum he’s added to more than any other president in the history of the country.
So, not surprisingly, the president talked a bit about fiscal matters. He said that he worked with Congress to cut $1 billion in spending last year, and that “experts” have scored his budget plan (the one that got zero votes in Congress) as cutting $4 trillion in spending.
Those are certainly big numbers the President is talking about, but let’s give them some context.
First, the federal government cutting $1 billion in spending is trivial. The federal government spends almost $4 billion every single day. What Obama with Congress to cut amounts to a few hours worth of spending.
Not exactly something worth bragging about.
As for the $4 trillion over 10 years, even if we assume Obama is using honest accounting (and he’s not, he’s basing the “cuts” on his past budgets which really have no bearing on actual spending since his party hasn’t allowed us to pass any budgets out of Congress since 2009), that’s still not much of an improvement. It cuts out to about a $400 billion reduction in the annual budget deficit still leaving us with about a $700 billion – $800 billion annual budget deficit.
That would still be a larger budget deficit than anything the federal government ever ran pre-Obama, and it would still be roughly double the deficits from the President who is second to Obama in terms of record deficit spending (George W. Bush).
Granted, $400 billion less per year in deficit spending would be great (again stipulating to Obama’s undoubtedly cooked math), but it would still leave our nation’s finances well into the danger zone.
We need a leader more serious about these matters than Obama.