Rep. Michele Bachmann (R-MN) is continuing to denounce what she says is a pattern of government takeovers of the economy — going so far as to say that the economy used to be totally private.
"And what we saw this Tuesday, once the president signed the health care bill at the 11th hour in the morning on Tuesday, that effected 51% government takeover of the private economy," Bachmann said on Wednesday, during an interview with North Dakota talk radio host
. "It is really quite sobering what has happened. From 100% of our economy was private prior to September of 2008, but as of Tuesday, the federal government has now taken ownership or control of 51% of the private economy."
"September of 2008" is probably a reference to the TARP bailout.
I don't know where she gets the idea that "100% of our economy was private prior to September of 2008". As of September 2004, for example the U.S. Congressional Budget Office reported that federal government spending for 2004 was projected to be $2.293 trillion, or slightly less than 20% of the GDP. Of that, $159 billion was for net interest, $486 billion for defense, $492 billion for Social Security, $473 billion for Medicare and Medicaid, $191 billion for various welfare programs, $136 billion for "retirement and disability" benefits, and $64 billion was projected to be spent elsewhere.
I guess her point is that government spending has gone up, which is a valid (and true) point. But the figures that she uses to support her thesis — where does she get that information from? Her butt?