A couple of weeks ago, I debunked the myth that Obama is a fiscal conservative by showing how TARP masks his real record.
I then followed up that post by showing that Obama is a traditional leftist who spends on social welfare programs, but also did a final post showing that Bush was similarly profligate.
Now we have some additional research confirming these points. Art Laffer and Steve Moore investigate Obama’s claim in today’s Wall Street Journal.
They start with an acknowledgement that the burden of spending declined during the Clinton years.
Here’s the picture. In the chart nearby we’ve plotted federal government spending on a National Income and Product Accounts (NIPA) basis as a share of total U.S. GDP from 1990 to the present. …The stories the chart tells are amazing. …The first is how much government spending fell during President Bill Clinton’s eight years in office and how low it was when he left office. When he became president in 1992, government spending was 23.5% of GDP, and when he left in 2001 it was 19.5% of GDP. President Clinton, in conjunction with a solid Republican Congress, cut government spending by more than any other president in modern times, and oversaw one of the greatest periods of economic growth and prosperity in U.S. history.
Since I’ve done a video highlighting the good fiscal record of both Reagan and Clinton, this is music to my ears.
Unfortunately, policy moved in the wrong direction once Bush got to the White House – and Laffer and Moore specifically highlight the negative impact of Nancy Pelosi and Harry Reid.