Fuqua School of Business survey shows strong support among CFOs for Simpson-Bowles style plan to fix the debt
Front-paged in the spirit of dialogue. Does not represent the opinions of BlueNC owners.
Duke University’s Fuqua School of Business http://www.fuqua.duke.edu/ released their quarterly CFO survey http://cfosurvey.org/ and found that more than 62% of polled CFOs favored a Simpson-Bowles style plan to fix the debt, which includes increased revenues along with spending cuts.
In the survey release, Campbell Harvey http://www.fuqua.duke.edu/faculty_research/faculty_directory/harvey/, a Fuqua finance professor and founding director of the survey, expressed the significance of these surprising results, stating, “CFOs generally prefer less taxation across the board, so their willingness to accept increased tax rates is dramatic. U.S. companies are sending a strong message to Washington to meet in the middle to address the budget crisis, and to do it soon.”
Support from CFOs for a plan that includes tax increases is indicative of the urgency of this crisis and the need for Congress and the President to get a solution crafted. The results indicate that CFOs view the uncertainty of unsustainable debt as the greater threat.
“The business community has issued an imperative to our leaders to not only avoid the fiscal cliff, but to put America on sound fiscal ground for the long term. Our debt crisis has reached a magnitude at which business leaders recognize it will require an all of the above response. This survey confirms that,” said Jim Ahler, CEO of the North Carolina Association of CPAs (NCACPA) which recently became an organizational partner of the Campaign to Fix the Debt North Carolina chapter. The association is uniquely positioned to have the pulse of the business community and perceive the severity of the debt crisis.
Fix the Debt North Carolina is a campaign comprised of a bi-partisan group of business leaders, political leaders, and thousands of concerned North Carolinians who are working together to urge our elected leaders to address the nation’s most critical economic threat: our exploding debt.