A new survey from the National Association for Business Economics finds that economists overwhelmingly (by 8 to 1) favor a strategy of spending reductions rather than tax increases. As Bloomberg News reported:
About 56 percent of respondents said Congress should attempt to reduce the shortfall by only or mostly cutting spending, compared with 6.8 percent who said they prefer mostly or only tax increases. The remaining 37 percent favored an equal share of spending cuts and higher taxes, the survey showed.
That 56 percent of economists surveyed are right on target. First, this crisis was brought about by government spending running rampant. Second, tax increases would do serious additional damage to the economy, while fueling further increases in spending.