Using Congressional Budget Office data, economist Chris Edwards produced the graph below concerning President Obama's announced spending freeze.
What does this graph means? Well basically, since the president excludes national defence, medicare, medicaid, veteran affairs and social security, this leaves only 13% of total spending that he will freeze. Above all, the amount he has freezed is 71% above what it was in 2000 before George Bush took office.
With a deficit at around 10 percent of GDP, this is clearly not enough. However, this is somewhat a good start. The remaining thirteen percent seem to include agricultural spending, at the very least this could be of very good help for him if there are any attemps to rescue the Doha round of trade liberalization.
What does this graph means? Well basically, since the president excludes national defence, medicare, medicaid, veteran affairs and social security, this leaves only 13% of total spending that he will freeze. Above all, the amount he has freezed is 71% above what it was in 2000 before George Bush took office.
With a deficit at around 10 percent of GDP, this is clearly not enough. However, this is somewhat a good start. The remaining thirteen percent seem to include agricultural spending, at the very least this could be of very good help for him if there are any attemps to rescue the Doha round of trade liberalization.
