Hey Congress, Don't Raise Taxes; Cut the Spending!
Based upon a survey of 250 economists who are members of the National Association of Business Economists, the Associated Press reported in today’s 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.” (emphasis added) The AP went on to write:
“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.”
Maybe the White House should listen to NABE once in a while rather than to its own Council of Economic Advisers?
HT Joe Henchman at the Tax Foundation's Tax Policy Blog.