Little-known fact: Obama’s failed stimulus program cost more than the Iraq war

By: MARK TAPSCOTT

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:
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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3 Comments

  1. Bush was president when this passed you moron righty racist. Its about Obama being black that why you hate.

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  2. You confused this with TARP- bail-out with a Democratic majority in the house and Senate and Bush signed off on that. The Stimulus mentioned in the above story, is all Obama.

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  3. Obama has the opposite of the Midas touch. Everything Obama touches turns to ****.

    The complete list of faltering or bankrupt green-energy companies:

    Evergreen Solar ($25 million)*
    SpectraWatt ($500,000)*
    Solyndra ($535 million)*
    Beacon Power ($43 million)*
    Nevada Geothermal ($98.5 million)
    SunPower ($1.2 billion)
    First Solar ($1.46 billion)
    Babcock and Brown ($178 million)
    EnerDel’s subsidiary Ener1 ($118.5 million)*
    Amonix ($5.9 million)
    Fisker Automotive ($529 million)
    Abound Solar ($400 million)*
    A123 Systems ($279 million)*
    Willard and Kelsey Solar Group ($700,981)*
    Johnson Controls ($299 million)
    Brightsource ($1.6 billion)
    ECOtality ($126.2 million)
    Raser Technologies ($33 million)*
    Energy Conversion Devices ($13.3 million)*
    Mountain Plaza, Inc. ($2 million)*
    Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
    Range Fuels ($80 million)*
    Thompson River Power ($6.5 million)*
    Stirling Energy Systems ($7 million)*
    Azure Dynamics ($5.4 million)*
    GreenVolts ($500,000)
    Vestas ($50 million)
    LG Chem’s subsidiary Compact Power ($151 million)
    Nordic Windpower ($16 million)*
    Navistar ($39 million)
    Satcon ($3 million)*
    Konarka Technologies Inc. ($20 million)*
    Mascoma Corp. ($100 million)

    Oct 2012 Daily Signal

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