It seems that the illusion cast by some of the leftists on this forum, that anyone with a kindergarten level of economics knows that we need to raise taxes to fix the economy isn't what actual economists are saying.


What a shock..

Its a "revenue" problem as one person in particular likes to post.

I can only assume that what I am about to post is irrelevant because that certain poster is much more educated on the economy since he and his leftist circle have already decided we need more spending and taxes.

HAHA


Spending Cuts, Not Tax Hikes, Best for Deficit: NABE


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.

As for how to reduce the deficit, nearly 40 percent 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 percent said the government should enact tough spending caps and cut discretionary spending.

The latest survey by the NABE was conducted in the two weeks ending Aug. 2, the day that the Senate passed and President Obama signed legislation to cut spending by more than $2 trillion and raise the nation's debt ceiling.

The agreement managed to avert a potential default, but Standard & Poor's downgraded U.S. credit from AAA to AA+, citing the political wrangling over the deal as a reason.

According to the survey of 250 economists who are members of NABE, nearly 49 percent of those responding said the country's fiscal policy should be more restrictive, while nearly 37 percent said they believe the government should do more to stimulate the economy. The remainder said fiscal policy should remain the same.

At the same time, more than 70 percent of the people that responded said they expect U.S. fiscal policy to be more restrictive over the next two years.

In the area of U.S. monetary policy, more than half of the economists surveyed said they thought it was "about right," while over a third said it was "too stimulative." Less than 6 percent said it was "too restrictive." The rest did not know or didn't give an opinion.

The survey was taken before the Federal Reserve announcement that it expects to keep short-term interest rates at their current low levels into 2013.

At the same time, the respondents were nearly evenly split on whether U.S. monetary policy will stay the same or be more restrictive in the future, with those options getting about 42 percent of responses each. Nearly 15 percent of those surveyed say they believe monetary policy will be more stimulative down the road.

http://www.cnbc.com/id/44226011

It's odd, isn't it? At the same time as these business Chief Financial Officers are offering their opinions, we get this compilation of polls with Americans' opinions about how the deficit should be reduced. Count em! Twenty-three polls! Including the notoriously right-leaning Rasmussen poll.

http://capitalgainsandgames.com/blog/bruce-bartlett/2341/23-polls-say-people-support-higher-taxes-reduce-deficit

I didn't read the article. I just wanted to say that you don't learn economics in kindergarten. That is all.

I think it is common sense you don't spend what you don't have.

I am in the 37% group, cut spending and cut tax loopholes (make tax code even handed). Not too keen on raising rates, I believe if we cut loopholes we can actually lower rates.

The Pentagon can cut 500 billion just by not buying the F22 and F35 fighters. Both are rift with cost overrun and electrical mechanical problems as well as flight range. Neither have been in combat but experts worry about their stealth capability (old Soviet-era radar sees them) and their flight time. So cuts can be made.

I learned this on CNN so I cannot reference an article, sorry.

What has been made clear with countries like Greece is that spending is the problem. Giving away the future to get votes now is SOP in the US and many other countries. The system is broken and there is no real movement towards repair. A big part of the problem is political correctness regarding social issues. All problems are not curable and are not the feds responsibility to cure.

A real solution may be a balanced budget amendment. It won't fix everything but it is a step in the right direction. It should include an annual 5% payment requirement to pay down debt.

Congressional retirement programs should be eliminated and term limits should be put in place. The "system" which has developed over the years of permanent positions in Congress is also a big part of the problem. The "logic" of Americans not being able to choose who they want for president past two terms works equally well for congress.

The US is rapidly approaching the point of having so much debt that it could never be paid back. Already, 44% of the revenue is needed for debt service... which is simply crazy.

Those who do not see the need for massive spending cuts are blind to the danger the US faces. We are about to become Greece.

And yet Warren Buffet and other rich folks disagree with this stance.

I would agree that a fifty fifty split should happen but raising taxes on the rich needs to be done regardless.

It is not fair that the working class of this country bear the brunt each and every time there is a ripple in the economy and the rich just keep on truckin like nothing ever happened. They need to do their part too and that is not just making and hoarding millions of dollars.

hmm cutting how many jobs in the process I wonder.

It was Americans that voted to elect a man with no experience or comprehension as to what it was going to take to solve the problems.

He hires Tim Geithner to head Treasury knowing full well Geithner was a$$ deep in creating the problems in the first place.

That was a brilliant move. One that will cost him re election.

No, what has been mad chrystal clear in countries like Greece is that wealthy people should be required to pay their taxes.

That's your 33 % opinion. This is the way it's supposed to work in a democracy. Americans get to vote for what they think is right. The outlier, fringe thinkers generally get left in the dust.

I would imagine thousands.