Saturday, March 16, 2013

Obama is the New Biggest Spender

Although the website does not yet have GPI or GPD data for 2012, the value of Gold for 2012 is ready on That enables calculations for one measure, but only one measure, for the deficits for President Obama’s first term.

Using constant gold dollars, those who would overspend benefit in appearance from a rising price of gold. The price of gold has risen every year since President Obama has assumed office. That would make any deficits smaller when converted to constant dollars. Even by that measure, President Obama now has the largest deficits of any presidential term.

Measured in 1789 dollars, the gold-weighted dollar values of the deficits are:

Obama Term 1-99,821,590,396.08
Bush Jr Term 1-99,776,642,401.45
F Roosevelt 3-96,408,875,337.91
Bush Jr Term 2-85,474,167,431.44
Bush Sr-82,665,333,079.60
Clinton Term 1-63,508,876,217.31
Reagan Term 2-55,620,058,613.77
Reagan Term 1-34,590,184,231.84
Clinton Term 2-31,541,432,371.56
Nixon / Ford-30,632,171,603.66
F Roosevelt / Truman-30,513,251,062.43

Every single president since President Nixon severed the final link between the dollar and gold is included in the list of presidents that have the most unbalanced budgets. Since this is a constant dollar list, that means that these deficits are not impacted by the collapsing dollar.

For all the posturing about how President Obama wanted to fix the financial mess handed to him by President Bush, he has in fact done the opposite. It is no longer true that President Bush is the worst spender. These numbers do not lie. While it is possible to come up with explanations as to why these numbers are what they are, such explanations do not change what the numbers are.

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