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Recessionomics

Poll: Majority Favor Gov't Spending Cuts

Hard times are a-coming. According to a New York Times/CBS News poll, Americans overwhelming said they favored spending cuts by the government rather than higher taxes. But the support starts to fade when specific programs such as Medicare and Social Security—the programs that are the biggest drivers of the country’s debt—come into the picture. Nearly two-thirds of Americans chose higher payroll taxes for Medicaid and Social Security over reduced benefits in either program. Perhaps most shockingly, when asked whether they wanted to cut Medicare, Social Security, or the military—the three most expensive items on the budget—an overwhelming majority said the Pentagon should absorb the cuts.

January 20, 2011 5:06 PM