Paying the Bill - Business Leaders want cut in Public Spending
A survey by KPMG International shows that cutting public spending is the most popular method of managing the public debt.
The Study titled Paying the Bill surveyed more than 500 business leaders from all over the world and 7 out of 10 business magnates said that debt should be reduced primarily through cuts in public spending.
Which areas of Public Spending need the cut?
The businessmen suggested public sector pay, followed by defence spending and welfare payments. "However, spending cuts are always hard to implement, especially in democracies and particularly when those having to bear the main impact are the government's own employees."
The report states that the broad consensus among respondents is that the corporate tax, consumption tax (GST/VAT) and personal income tax rates in their country should be more-or-less where they are now, or perhaps a bit lower.