Majority of Economists Surveyed Say Cut Federal Spending
August 22, 2011
From USA Today:
The majority of economists surveyed by the National Association for Business Economics believe the federal deficit should be reduced only or primarily through spending cuts.
The survey out Monday found that 56% of NABE members feel that way, while 37% said they favor equal parts spending cuts and tax increases. The remaining 7% believe it should be done only or mostly through tax increases.
As for how to reduce the deficit, nearly 40% said the best way would be to contain Medicare and Medicaid costs.
Nearly a quarter recommended overhauling the tax system and simplifying tax rates and exemptions. About 15% said government should enact tough spending caps and cut discretionary spending.
See the full article here.