Krugman: ‘Spending Growth Has Been Exceptionally Low Under Obama’

By Patrick Burke | March 11, 2013 | 11:23 AM EDT

New York Times columnist Paul Krugman. (AP Photo)

( - New York Times columnist Paul Krugman says government spending under President Barack Obama “has been exceptionally low.”

On ABC’s “This Week with George Stephanopoulos,” Krugman, a liberal economist, said it’s a “real shame” that the sequester will hit the economy “just at the moment the engine is catching.”

Sen. Ron Johnson (R-Wis.) interjected: “At what point do we restrain the growth in government? At what point?”

“Spending growth has been exceptionally low under Obama,” Krugman replied. “We just need to say that.”

According to the Congressional Budget Office, federal spending as a percentage of Gross Domestic Product was 22.8 percent in fiscal 2012. reported in Feb. 2013 that the federal government spent (in constant 2012 dollars) $3,538,446,000,000 in FY 2012 compared with $3,176,376,470,000 in FY 2008. That’s a difference of $362,069,530,000.

In terms of the amount of spending per household, government spending increased by $2,437.64 from FY 08 to FY 12, which works out to a $609.41 per year increase.