Monday, July 30, 2012

Please Learn the Definition of the Word "Socialism" Before You Use It

One of the most common words used to describe President Obama is "socialist."  If that were true, then this chart wouldn't exist:

Above is a chart of the percentage change is GDP and the contributions to that change from both federal and state and local spending.  In the last 8 quarters (two years) we see negative contributions from federal spending in six quarters and negative contributions from state and local spending in all 8.  Also note that in only two quarters (2Q02 and 2Q10) do we see any meaningful federal contributions to overall growth.

And then there is government's share of the economy:

Government's percentage of GDP has been shrinking.  Also consider this:

Taxes as a percent of GDP are near 60 year lows.  And finally, there is this:

The total number of government employees has decreased sharply over the current administration's tenure -- as compared with others.

Look, there are plenty of legitimate reasons not to like or vote for the current president --- with a slow economy being a good first point, followed by very little knowledge of the private sector and a complete inability to lead.   But, please, socialist