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Economy

Americans: Cut Government Spending, Don’t Touch Taxes

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By Douglas A. McIntyre Updated Published
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Americans believe that the pain of reducing the deficit should be based on government cuts and not changes in the tax code. They do not, however, expect their own taxes to drop as a solution to the nation’s debt trouble.

And, it appears that most people do not believe in the $858 billion stimulus package. Very few want to repeat the process again.

“Americans are most likely to choose deficit and debt reduction as the best approach for dealing with the economy over three widely discussed alternatives: raising taxes on the wealthy, cutting taxes, and increasing stimulus spending,” a new Gallup poll shows

“Americans do not show a strong consensus for any of the approaches, but clearly reject additional economic stimulus spending. The increased government spending in late 2008/early 2009 to bail out major U.S. corporations and attempt to jump-start the economy concerned many Americans and helped fuel the Tea Party movement, leading to significant Democratic losses in Congress in the midterm elections. That concern is also reflected in Americans’ endorsing deficit reduction as an economic strategy over generally popular approaches like tax cuts or tax hikes on the wealthy.”

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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