Government spending under President Obama has grown at a slower rate than it did under any president since Dwight D. Eisenhower was in office six decades ago, according to an analysis from Bloomberg. That may not jibe with the conservative complaints that Obama has overseen a massive growth in government spending, but it’s true:
Federal outlays over the past three years grew at their slowest pace since 1953-56, when Dwight D. Eisenhower was president. Expenditures as a share of the economy sank last year to 22.8 percent, their lowest level since 2008, according to Congressional Budget Office data. That’s down from 24.1 percent in 2011 and a 64-year high of 25.2 percent in 2009, when Obama pushed through an $831 billion stimulus package. [...]
Spending grew just 0.6 percent from 2009 to 2012, according to data compiled by Bloomberg from government reports.
Obama has already agreed on $1.4 trillion in spending cuts with Congressional leaders, which, combined with new revenues and reduced interest payments, will reduce the deficit by $2.5 trillion over the next decade.
Spending is expected to fall 1.3 percent in fiscal 2013, according to projections from the Congressional Budget Office. Annualized spending under Obama is growing slower than it has under the past four Republican presidents, as ThinkProgress noted in March. Meanwhile, a Goldman Sachs analyst told Bloomberg that a stronger economy will cut the deficit to $500 billion, to less than 3 percent of gross domestic product, by 2015.