Majority of Economists Say Spending Cuts Needed to Reduce Deficit, Not Tax Hikes |

A majority of economists surveyed believe spending cuts are the key to reducing the federal deficit – not job-crushing tax hikes. From the Associated Press:

“The majority of economists surveyed by the National Association for Business Economics believe that the federal deficit should be reduced only or primarily through spending cuts. ...

“The survey out Monday found that 56 percent of the NABE members surveyed felt that way, while 37 percent said they favor equal parts spending cuts and tax increases. The remaining 7 percent believe it should be done only or mostly through tax increases.”

The report echoes a statement released by 150 economists earlier this year calling on Washington to “take action immediately to eliminate unnecessary federal spending” and “prevent tax hikes” to create a better environment for private-sector job growth. And it reflects the sentiment of the American people who oppose tax hikes “in a big way,” according to US News. Republicans are listening:

  • As AP reported, Congress will soon vote on “an amendment to the Constitution to require a balanced federal budget.” Economist Diana Furchtgott-Roth says a balanced budget amendment is the kind of reform that “would facilitate economic growth and job creation.”

Despite the warnings of economists and objections of the American people, Democrats are pushing for higher taxes and more of the same “stimulus” that’s left us with more debt and fewer jobs. In “How Not to Grow an Economy,” the Wall Street Journal argues that the Obama Administration’s insistence on “new regulations,” “more spending and higher taxes” contributes to the uncertainty and lack of confidence holding back job growth.

Learn more about the Republican plan for creating jobs and paying down America’s debt at Jobs.GOP.Gov.