The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

August 29, 2013

Federal deficit spending not what it seems

The Daily Star

---- — As an Oneonta native, I am compelled to respond to an Aug. 8 letter headlined “Obama Spending Money We Don’t Have.”

The Wall Street Journal, which shares ownership with Fox News, broke the story that federal spending under President Obama is lower as a percent of gross domestic product than at any time in more than 50 years. That finding was confirmed by financial magazine Forbes and fact-checking website PolitiFact. That finding is not in doubt.

The national media being what they are, I wonder how many Americans know that in the first 10 months of fiscal 2013, the deficit has dropped by 38 percent; that the deficit peaked at 10.2 percent of GDP in 2009 because of the 2008 crash; and that over the past four quarters it has shrunk to 4.2 percent of GDP. The Congressional Budget Office predicts that the deficit will fall to a mere 2.1 percent of GDP in 2015 because of rising revenues from the recovery. The GOP will press forward with the preposterous claim that the debt is our biggest economic problem, anyway.

The only IRS scandal is that there are some political groups that have not lost their tax exemptions. These 501(c)(4)s tried to hide their billionaire donors with the 501(c)(4), but published campaign attack ads anyway, blatantly and publicly violating the conditions of their exemption. 

Those groups identify themselves as 501(c)(4) on their websites. The IRS regulations that prohibit a 501(c)(4) from electioneering in exchange for the anonymity of their donors and the attack ads are readily available on the web. See for yourself. The IRS also “targeted” liberal groups with “progressive” or “occupy” in their names. The IRS was doing its job.

Wayne Warner

Clarks Green, Pa.