To repeat a point, most Americans don't really understand the deficit and its relationship to the broader economy. Insofar that the deficit is a concern, it's as a proxy issue; Americans worry about the deficit when the economy is poor, and aren't too concerned when the economy is doing well. For example, here are the results from the latest NBC News/Wall Street Journal poll:
In the poll, eight in 10 respondents say they are concerned about the growing federal deficit and the national debt, but more than 60 percent — including key swing-voter groups — are concerned that major cuts from Congress could impact their lives and their families.
What's more, while Americans find some budget cuts acceptable, they are adamantly opposed to cuts in Medicaid, Medicare, Social Security and K-12 education.
And although a combined 22 percent of poll-takers name the deficit/government spending as the top issue the federal government should address, 37 percent believe job creation/economic growth is the No. 1 issue.
When you include respondents' second choices, the results look like this: 56 percent believe job creation and economic growth should be the federal government's top priority, while only 40 percent say the same for deficit reduction. Moreover, when it comes to deficits, huge majorities favor tax hikes on the wealthy (81 percent), defense cuts (76 percent) and elimination of tax subsidies for oil and gas companies (74 percent) over Medicaid cuts (32 percent), Medicare cuts (23 percent), and Social Security cuts (22 percent).
Obviously, this terrible news for Republicans — who are counting on public support for spending cuts — but its also proof that Democrats enjoy the upper hand. That is, not only are they right on the merits — at this moment, we need revenue, not deep spending cuts — but the politics are on their side. Of course, given last year's debacle over the Bush tax cuts, where Democrats enjoyed a similar advantage, I'm not particularly confident of their collective ability to capitalize on the situation.
