Spending Cuts: The Answer to Budget Deficits

A recent poll done by Quinnipiac indicates that more Americans believe the huge federal budget deficit should be remedied through spending cuts over just using tax hikes and over a combination of tax increases and spending cuts. Forty-nine percent believe spending cuts alone are the best approach, while only four percent believe tax hikes alone should be the way to reduce the deficit. Forty-two percent preferred a combination of tax hikes and spending cuts as the means of decreasing the budget deficit.

If we dig one step further, we will find that of those who prefer the combination, over half of them prefer more spending cuts than tax increases. About a third desired an equal amount of spending cuts and tax hikes and only twelve percent wanted more tax increases than spending cuts.

These results point toward the public valuing spending decreases over tax increases to move America back toward a balanced budget. With almost half of Americans in support of only cutting government spending, Congress should understand what the public desires—reducing spending and keeping taxes down. This seems to be the sensible action to take; increasing taxes even more will lead to less production and investment in the economy and more people relying on the government. This system is unsustainable—moving toward relying on the government for more and more will shift incentives toward less work. With less work, less revenue from taxes will be collected, which means supporting the public will not be feasible (unless we keep increasing the debt, which would lead to disaster as well). The forty-nine percent of Americans saying the budget must be balanced through spending cuts alone understand this. Curbing government spending is the best way to fight growing federal deficits.

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