Thursday, May 17, 2012

Obama, the big spender?

As per this ThinkProgress article, when Obama took office, the federal annual spending was set to be 24.9% of GDP - and this was Bush's budget. For fiscal 2012, the federal annual spending is expected to be 23.4% of GDP.

In 2009, total federal tax revenue was projected to be 16.5% of GDP. In 2012, it is 15.8% of GDP.

Likewise, the 2009 deficit was projected to be 8.3% of GDP. For 2012, it is 7.6% of GDP.