When it comes to deficit reduction the American people strongly support increasing taxes on the rich, but they don’t support most of the common spending cuts currently being considered in Washington. According to a new Pew Research poll, raising taxes on those making over $250,000 a year is the most popular deficit reduction idea, while cutting eduction spending is the least popular. From Pew:
The only spending cut idea with a slim majority support is reducing Medicare/Social Security benefits for the rich. When people hear questions like this, I assume they are only picturing cuts for the top 1 percent. The problem is this doesn’t really save any money unless it hits people who are basically middle class.
In addition to spending cuts not having public support right now, there is no economic reason to pursue them at this moment. With the economy still weak and government borrowing cost near record lows, it is simply silly to cut spending at this time.