The Homa Files

Well, maybe that’s hyperbole, but it’s certainly a candidate.

Last week, some jabrone named Rex Nutting blogged in MarketWatch that the “Obama spending binge never happened”.

Nutting cooks some CBO numbers to conclude that “under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.”

Oh really?

The crux of his argument is that all the surge in Fed spending occurred in FY2009 — the last year of the Bush presidency.

Barack the Austere has just been treading water.

Hmmm.

Apparently Nutting wasn’t aware that Fed fiscal years run from Oct to Sept, so FY2009 was 3/4s Obama … and included about $1 trillion of his Stimulus and bailouts.

So, the real story is that Obama uber-boosted spending to try to stimulate the economy and had has kept spending at that higher level.

Hardly belt tightening.

Nutting’s analysis was so bad that the pro-Obama Washington Post gave it 3 Pinnochios … for “significant factual error and obvious contradictions.”

That didn’t stop the President from repeating the bogus conclusion in his campaign speeches yesterday.

Shame, shame.

P.S. The entire Wash Post fact-checker article is worth reading … an example of a good analysis .. with links to a couple of other pretty good analyses.

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Tags: 3 Pinnochios, Fed spending, Obama

This entry was posted on May 30, 2012 at 6:59 am and is filed under Gov't Spending, Obama. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.