WASHINGTON--(BUSINESS WIRE)--Cutting the federal budget deficit should be the government’s top economic priority, according to a survey of CPAs. The recent survey by the American Institute of CPAs (AICPA) of its members also found that the vast majority are concerned that individuals and families will be affected most severely if policy makers are unable to reduce the federal debt.
“CPAs in communities large and small and from coast to coast are increasingly troubled by the government’s inability to come to grips with this economic calamity-in-the-making”
Fifty-four percent of the nation’s CPAs identified deficit reduction as the top economic priority for the United States in the online survey, ahead of creating jobs (23 percent), tax reform (18 percent) and ensuring the long-term stability of Social Security and Medicare (5 percent).
Asked how an inability to reduce the federal budget deficit is likely to be felt by their clients or company, hiring freezes (55 percent), reduced capital spending (53 percent), reduced benefits (52 percent) and job layoffs (52 percent) were chosen most frequently from a list of seven options.
“CPAs in communities large and small and from coast to coast are increasingly troubled by the government’s inability to come to grips with this economic calamity-in-the-making,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “Knowing what’s at stake, three quarters of those taking part in our survey (76 percent) are sending a clear message to federal policy makers to deal with our debt crisis without delay. Fiscal responsibility is essential to our country’s economic sustainability.”
Asked what concerns them most about the federal budget deficit, 58 percent of the AICPA members cited its impact on our nation’s economy. Seven in 10 CPAs surveyed (73 percent) said individuals and families would be affected most severely if policymakers are unable to reduce the budget deficit. Another 14 percent pointed to small business as likely to be affected most severely.
Expressing concern about the growing federal debt and its impact on the long-term fiscal health of the United States, the AICPA Board of Directors last November adopted a resolution underscoring the need to put America on a better economic path and supporting two non-partisan efforts, the Campaign to Fix the Debt and the Comeback America Initiative. Earlier in 2012, the AICPA developed What’s At Stake? A CPA’s Insights into the Federal Government’s Finances, a resource calling attention to how and why the financial sustainability of our nation is at stake.
The AICPA’s online survey of members was conducted December 4-24, 2012. More than 1,700 CPAs responded.
About the AICPA
The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.
The AICPA maintains offices in New York; Washington, DC; Durham, NC; and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.