Obama Spending Binge? Not So.

Once again, Jonathan Chait at The New Republic debunks a Republican talking point. In an article titled The Mythical Obama Spending Binge, he shows that the expanded deficit is almost entirely as a result of the recession: If the economy had continued to grow at its 2001-2007 rate, federal spending as a percentage of GDP would be 1.8% instead of 4%; in dollar figures, the increase has been almost totally due to increased spending on programs like unemployment insurance and food stamps, which kick in automatically in economic downturns.

Obama hasn't been out buying diamonds and champagne on the national credit card. (This one's an easy read!)