Those in the Tea Party Movement claim to oppose Barack Obama and the Democrats out of an opposition to the rising deficit. If they were really consistent in their views they would be backing the Democrats over the Republicans who are actually responsible for the deficit. Here’s a chart to make this simple for them:
Another comparison of spending under recent presidents was posted here.
They fall for Republican claims that Obama is responsible for record deficits due to the stimulus spending but most of the deficit came from George Bush, not Obama’s stimulus plan. Here is a pie chart breaking this down:
We are also seeing benefits from the stimulus spending, such as the news today that the GNP rose by 5.7 percent–the highest increase since 2003. While this might be exaggerated by a bounce from companies replacing inventory, this remains a sign of greater confidence in the economy. Christina Romer, chair of the White House Council of Economic Advisers explained:
This inventory bounce, though likely to be transitory, is a normal part of healthy recoveries. As firms’ confidence in the future increases, their desire to run down inventories wanes. This change in behavior is often a powerful force for growth early in a recovery. Other components of GDP also rose strongly: business investment in equipment and software rose at an annual rate of 13 percent and residential investment rose at a 6 percent rate. And consumer spending rose at a rate of 2 percent. This broad-based rise in GDP was surely fueled in part by the tax cuts and investment spending in the Recovery Act and other rescue actions, but some appears to be the result of private sector demand returning.
Treasury Secretary Henry Paulson believes that if not for the stimulus unemployment could have hit 25 percent. Those who are angry about lack of jobs and the size of the deficit are definitely channeling their rage against the wrong source.