Little-known fact: Obama's failed stimulus program cost more than the Iraq war
Expect to hear a lot about how much the Iraq war cost in the days ahead from Democrats worried about voter wrath against their unprecedented spending excesses.
The meme is simple: The economy is in a shambles because of Bush's economic policies and his war in Iraq. As American Thinker's Randall Hoven points out, that's the message being peddled by lefties as diverse as former Clinton political strategist James Carville, economist Joseph Stiglitz, and The Nation's Washington editor, Christopher Hayes.
The key point in the mantra is an alleged $3 trillion cost for the war. Well, it was expensive to be sure, in both blood and treasure, but, as Hoven notes, the CBO puts the total cost at $709 billion. To put that figure in the proper context of overall spending since the war began in 2003, Hoven provides this handy CBO chart showing the portion of the annual deficit attributable to the conflict.
Click above to see the chart.
But there is much more to be said of this data and Hoven does an admirable job of summarizing the highlights of such an analysis:
* Obama's stimulus, passed in his first month in office, will cost more than the entire Iraq War -- more than $100 billion (15%) more.
* Just the first two years of Obama's stimulus cost more than the entire cost of the Iraq War under President Bush, or six years of that war.
* Iraq War spending accounted for just 3.2% of all federal spending while it lasted.
* Iraq War spending was not even one quarter of what we spent on Medicare in the same time frame.
* Iraq War spending was not even 15% of the total deficit spending in that time frame. The cumulative deficit, 2003-2010, would have been four-point-something trillion dollars with or without the Iraq War.
* The Iraq War accounts for less than 8% of the federal debt held by the public at the end of 2010 ($9.031 trillion).
* During Bush's Iraq years, 2003-2008, the federal government spent more on education that it did on the Iraq War. (State and local governments spent about ten times more.)
Just some handy facts to recall during coming weeks as Obama and his congressional Democratic buddies get more desperate to put the blame for their spending policies on Bush and the war in Iraq.
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For more from Hoven, go here:Â Iraq:Â The War That Broke Us - Not
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Do keep this handy to refer to for when the lefties start claiming that the "Bush war" is what caused our economy to be in the shape it's in.
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Comments: 35 ( 1 removed by Marilyn M. )
And I love how they work. They'll use the CBO numbers for some things, then say the CBO numbers are all wrong on something else.
They already KNOW it was all Bush's fault, even everything that has happened in the last 18 months-- must be ALL Bush's fault.
Plus everywhere you are getting your information must be totally wrong and biased.
AND you must only be hearing what the right wing nuts told you, because God forbid you might actually have the ability to think for yourself. (wait, not God-- he's not allowed)
AND besides all that, since you don't believe what they want you to believe then you really must be some sort of a %$#^&* racist muslim hating politically incorrect bigot!
Wow, I did good-- bet I could even dress up as a liberal for Halloween!!
And even Fox News disagrees
[Data sources: All data for 2009 and later are from the CBO's recent budget outlook (pdf here). For an accounting of Iraq war spending, see Box 1-3 of that report. For an accounting of stimulus spending, see Box 1-2 of that report. For summary federal budget numbers in 2009 and later, see Table 1 of that report.
Federal budget figures through 2008 are from the U.S. Statistical Abstract. See Table 457 for overall spending and deficit levels, Table 458 for debt levels, and Tables 459 and 461 for spending in specific categories.]
The whole point of providing links, Lori, is that so you'll read what's there.
And, Wil, we were talking about what you guys like to call 'Bush's war' - that's Iraq. Those figures combine Iraq and Afghanistan.
Yeah, while we're looking at those CBO numbers, let's consider these interesting details.
From page 3:The next time somebody says that the government is broke, please remind them of this CBO number. The government isn't broke. The government is in debt. There's a difference.
From page 6, Box 1-1:If we're all going to agree that CBO numbers are always right, then let's all try to remember that "Obamacare" = Deficit Reduction. And deficit reduction is important, right? Of course! The CBO says so right there on page 27:So if "Obamacare" = Deficit Reduction, and if Deficit Reduction = A Good Thing™, then it logically follows that "Obamacare" = A Good Thing™, right? Feel free to put that on your sign at the next Tea Party rally if you want. :)
Hey Marilyn, remember this line?
"They'll use the CBO numbers for some things, then say the CBO numbers are all wrong on something else."
LMAO!
And TARP and the stimulus are about the only things Shrub ever did right (of course, he created the situations that resulted in the need for them, which DOES tarnish their good a LITTLE, eh?).
Not a chance.
I agree it's funny how people use the CBO selectively.