Thursday, March 15, 2012

Obama Blows (Through Money)

Via Ace, here's Karl Rove on Obama 2012 campaign finance deform:

The final financial challenge facing Mr. Obama's campaign is how fast it is burning through the cash it is raising. Compare the 2012 Obama re-election campaign with the 2004 Bush re-election campaign. Mr. Obama's campaign spent 25% of what it raised in the second quarter of 2011, while Mr. Bush's campaign spent only 9% in the second quarter of 2003. In the third quarter it was 46% for Obama versus 26% for Bush; for the fourth quarter it was 57% versus 40%. In January 2012 the Obama campaign spent 158% of what it raised, while the Bush campaign spent 60% in January 2004.

Ace concludes:

At least he's consistent. He spends his money like he spends ours.

I don't know if Ace realizes just how right he is.

From the 2011 Financial Report of the United States Government (pdf):

During FY 2011, nearly equivalent increases in Federal tax receipts and outlays resulted in a cash-based U.S. budget deficit that remained essentially flat at $1.3 trillion. The Government’s net cost decreased from $4.3 trillion to $3.7 trillion due in large part to decreased estimated costs for federal employee and veteran benefits as well as a decline in projected costs for the Government’s economic recovery programs and a slight revenue increase from $2.2 trillion to $2.4 trillion.

So the U.S. raised $2.4T in revenue and incurred $3.7T in spending.

For those keeping score at home, the U.S. spent roughly 154% of what it raised in fiscal year 2011, compared to the Obama campaign spending 158% of what it raised in January 2012.

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