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Sequestration Is Bad Policy, Economists Say

Hemera/Thinkstock(NEW YORK) -- Sequestration is a bad idea, according to members of the National Association for Business Economics.

In its latest survey, NABE found that panelists "overwhelmingly" rejected the across-the-board spending cuts that kicked in this month, said NABE President Ken Simonson.

"They fall fairly arbitrarily hitting some sectors and then leaving others untouched and some of the ones that are cut probably shouldn't be," he explained.

While nearly all members agreed that "some form of deficit reduction should be enacted over the next 10 years," NABE Policy Survey Committee Chair Jay Bryson said, "the preferred approach to long-term deficit reduction leaned toward spending cuts, with most respondents indicating that cuts should be focused primarily on entitlement programs."

"The panel was also heavily in favor of individual income tax reform, with the majority of participants preferring reform that raises revenue,” he added.

Simonson said three-quarters of NABE's members thought any plan to reduce the deficit "should significantly or slightly increase revenues."

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