As reported in the Wall Street Journal’s blog, most of the economics surveyed believe that the government should maintain or increase spending in 2013. Nearly half of them believe that the government should spend even more. Only 33 percent of the 236 economists advocated less fiscal stimulus.
This is because the economists believe that the economy remains sluggish, unemployment remains high, and stimulus is needed to promote economic growth, despite the already-high government debt levels.
What’s particularly interesting is reading the comments. Readers of the Wall Street Journal, of course, are mostly business people. And business people, for the most part, do not want to hear that fiscal stimulus is still needed to help revive the economy. They take issue with various aspects of the economists surveyed, all but personally attacking them unseen. Never mind that the economists surveyed are experts in their fields, spending all their time poring over economic models and data. If the experts say something that readers don’t want to hear, the experts obviously must be wrong.