The burden of federal spending in the United States was down to 18.2 percent of gross domestic product when Bill Clinton left office.
But this progress didn’t last long. Thanks to George Bush’s reckless spending policies, the federal budget grew about twice as fast as the economy, jumping by nearly 90 percent in just eight years This pushed federal spending up to about 25 percent of GDP.
President Obama promised hope and change, but he has kept spending at this high level rather than undoing the mistakes of his predecessor.
This new CF&P Foundation video uses examples of waste, fraud, and abuse to highlight President Obama’s failed fiscal policy.
Good stuff, though the video actually understates the indictment against Obama. There is no mention, for instance, about all the new spending for Obamacare that will begin to take effect over the next few years.
But not everything can be covered in a 5-minute video. And I suspect the video is more effective because it closes instead with some discussion of the corrupt insider dealing of Obama’s so-called green energy programs.
