2/07/2010

"Americans Reject Keynesian Economics"

Rasmussen Reports finds a lot of opposition to what the president is doing on the economy. Note that these voters want the president to do what he promised during the political campaign last year.

While influential 20th Century economist John Maynard Keynes would say it’s best to increase deficit spending in tough economic times, only 11% of American adults agree and think the nation needs to increase its deficit spending at this time. A new Rasmussen Reports national telephone survey finds that 70% disagree and say it would be better to cut the deficit.
In fact, 59% think Keynes had it backwards and that increasing the deficit at this time would hurt the economy rather than help.
To help the economy, most Americans (56%) believe that cutting the deficit is the way to go.
Eighty-three percent (83%) of Americans, in fact, say the size of the federal budget deficit is due more to the unwillingness of politicians to cut government spending than to the reluctance of taxpayers to pay more in taxes. . . .


Just a reminder to everyone what Mr. Obama had promised during the 2008 presidential campaign. Mr. Obama blamed the financial crisis on the Bush era deficits. In late October right before the election, Mr. Obama was upset that Mr. Bush’s last deficit was “well over a half trillion dollars.” “But there is no doubt that we've been living beyond our means and we're going to have to make some adjustments. Now, what I've done throughout this campaign is to propose a net spending cut. I haven't made a promise about. . . . . What I want to emphasize, though, is that I have been a strong proponent of pay-as- you-go. Every dollar that I've proposed, I've proposed an additional cut so that it matches.”

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