"But what my opponent didn't tell you was that federal spending since I took office has risen at the slowest pace of any President in almost 60 years."Keith Hennessey, economist who served 6+ years as Director of the National Economic Council for President George W. Bush, has responded with a detailed list of the flaws, and writes:
Problem #1: The President argues that his fiscal stimulus law, enacted in February 2009, had a big positive effect on the growth rate of the economy. We are now asked to believe that President Obama’s policies did not significantly increase spending but did significantly increase economic growth. This is, to say the least, an intellectually inconsistent argument. The whole Keynesian fiscal stimulus argument is premised on a significant increase in government spending.
Problem #2: Mr. Nutting assumes that since a President serves a four year term he should be measured for four budget years. But since budget years begin in October and Presidential terms begin in January, the fairest and most accurate way to measure the budget effects of a one-term President is to look at five budget years, not four.Read more of his brilliant analysis here.