Viewpoint: Alan S. Blinder

“Myth No. 1 is that the American people now demand deficit reduction as never before. Don’t believe it. Yes, if you ask Americans about the deficit, they’ll tell you they hate it. But opinion polls show that people care far more about high unemployment, the weak economy, and the like. Furthermore, once the discussion gets down to specifics, it is difficult to find anything the public favors that would make a serious dent in the deficit. No higher taxes, please, except on millionaires. No cuts in big programs like Social Security or Medicare. The attraction to lower deficits is only skin-deep.”