Monday, October 18, 2010

In Fact, It IS the Spending, Stupid!!

And the guilty parties?

Reagan, Bush One, Clinton, Bush 2, and Obama. (Not to mention the Congresses of those Presidents.)

Barry's got the charts and graphs (with and without Defense spending) and with only a few weasel-words.

It's GOING to stop, one way or the other.


J. Strupp said...

And Invictus' blog entry doesn't refute Hamiliton/Chinn's assertion that total government expenditures, adjusted for GDP and inflation are actually flat or falling. And even if he did, the point is that the Obama administration SHOULD be expanding government spending, given our current economic environment. But we aren't. Debt isn't the immediate problem.

My hope is that you've taken the time to read what Hamiliton and Chinn at Econbrowser have been trying to show people. We continue to ignore the denominator when talking about the government's debt levels.

J. Strupp said...

Quick clarification. Government employment and also the federal budget balance to potential GDP are flat or falling.