Economists Agree: The Tax Code Must Change

Via LearnVest By Jacqui Kenyon ~

Last month, a survey of the 196 members of the National Association for Business Economics sought to reveal economists’ opinions of what has been a tumultuous few months for the federal government.

According to The Huffington Post, the results showed that most economists opposed the sequester cuts and, by overwhelming consensus, agreed that the deficit should be reduced over the next decade.

A whopping 95% also said that Congress must reform the individual tax code. Most of the economists stated that it would be wise to balance spending cuts with tax increases, mirroring President Obama’s proposed strategy. 74% believed that reforms would either “slightly” or “significantly” increase revenue.

Here’s what else the survey found:

  • 56% said that deficit reduction should be achieved “mostly” or “only” through spending cuts
  • 58% said that cuts should be focused on entitlement programs, such as Social Security and Medicare
  • 53% found that Fed Chariman Ben Bernanke has chosen an “about right” course financially, down from 60% in September
  • 35% think that the government’s fiscal policy is too restrictive, down from 43% in September
  • 44% feel that fiscal policy is too stimulative, up from 26% in September
  • 78% support the building of the Keystone XL pipeline for the transport of oil from Canada to the Gulf Coast
  • 52% support regulation of hydraulic fracturing, or “hydro-fracking”
  • 51% support further government subsidies for alternative energy sources, like solar and wind power

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