I wanted to write a post yesterday about the White House’s proud announcement that they had finally hit their goal of finding $100 million in cost savings to show their fiscal responsibility. How best to show the ridiculous disparity between the Obama administration’s spending as opposed to this relative pittance — 0.006% of the deficit, as per the Wall Street Journal? Thankfully, Investors Business Daily editorial cartoonist Michael Ramirez captures it perfectly in “Perspective”:
Bear in mind that even if one accepts the excuse that Obama routinely offers — that he inherited a $1.3 trillion deficit — he has expanded it by more than half, $700 billion, in six months (and of course, the Democrats controlled Congress and the last two budgets — including then-Senator Barack Obama). In fact, we’re not sure if that’s still the number, because while the White House sends out press releases about saving $100 million, Obama has delayed reporting on the budget numbers that were due midway through this month. One presumes that the Obama administration didn’t find much evidence of their fiscal responsibility in those numbers, or we would have seen them already.
Instead, Obama wants to brag about the guppy they managed to catch while they let the big fish get completely away from them.
Ramirez has a terrific collection of his works: Everyone Has the Right to My Opinion, which covers the entire breadth of Ramirez’ career, and it gives a fascinating look at political history. Read my review here, and watch my interviews with Ramirez here and here. And don’t forget to check out the entire IBD site, while individual investors still exist.