Most business economists opposed the automatic spending cuts that took effect last week amid gridlock between President Obama and Congress. But they overwhelmingly support efforts to reduce the deficit over the next ten years.
The survey questioned 196 members of the National Association for Business Economics.
About 56% of those surveyed said deficit reduction should be achieved “only” or “mostly” with spending cuts. More than half said those cuts should focus on entitlement programs, such as Social Security and Medicare.
But 95% said Congress should reform the individual tax codes, with nearly three quarters believing the reforms should “slightly” or “significantly” increase revenue.
It would be well – I think – for all politicians to pay more than lip service to our best business minds, and to the conclusions of Simpson/Bowles.
A new, practical approach to our economy, our taxes, and our fiscal stability would certainly be a helpful start. That would take more maturity and political courage than we’ve seen in Washington lately.
Our thought for today is from Fritz Kunkel:
“To be mature means to face, and not evade, every fresh crisis that comes.”