A new Financial Times/Harris Poll finds that adults in the U.S. and the five largest European countries do not have much trust in their political leaders to deal effectively with the current fiscal crisis. Just under half of Germans (45%), two in five French adults (40%), just under two in five Americans (39%), Spaniards (38%) and Italians (37%) and one-third of Britons (34%) say they do not trust politicians in their country at all to effectively deal with the fiscal crisis. Between 23% and 37% say they trust the politicians in their country just a little.

These are some of the findings of a Financial Times/Harris Poll conducted online by Harris Interactive® among 6,289 adults aged 16-64 in France (1,062), Germany (1,002), Great Britain (1,127), Spain (1,022) and the United States (1,058) and adults aged 18-64 in Italy (1,018) between May 25 and June 2, 2010.

Spending cuts versus raising taxes

There are two ways for governments to reduce deficits: either cut public spending or raise taxes. Not surprisingly, only between 3% and 6% of adults in these six countries would prefer to see higher taxes to spending cuts, and between 9% and 17% would prefer to see a mixture of these two options, but with the tax increases playing the larger part. Half of Italians (50%) and just under half of Spaniards (48%) and French (48%) would prefer spending cuts to paying higher taxes. Just under half of Britons (47%) and two in five Americans (40%) would prefer to see a mixture of the two options, but with spending cuts bearing the larger part of the burden. Germans are split – 42% would want to see spending cuts over taxes and the same number would prefer a mixture but with spending cuts being the focus.

Strong majorities in the U.S. (80%), Germany (77%), France (73%), Spain (72%), Italy (71%) and Great Britain (65%) all think their government should find a way of consulting them and other citizens before deciding where spending cuts should be made.

The impact on families

While people realize that potential spending cuts will have an impact on their family, there is a sense they will be moderate, and will not affect them a lot or a great deal. One-quarter of Italians (25%), just under one-quarter of Britons (23%) and less than one in five Americans (19%), Germans (19%), Spaniards (18%) and French (17%) say cuts to public spending will affect them and their families at least a lot. Between 34% and 45% in each of the six countries say these spending cuts will affect them a moderate amount.

So What?

As deficits continue to rise, governments around the world will have to make some very tough decisions as to how to reduce them. While spending cuts are the preferred method, the issue is what should be cut? And, since political figures are not trusted to deal with the fiscal crisis, every cut will be closely scrutinized by a skeptical public. Whether the various administrations pass this scrutiny or not may be seen the next time each country holds elections.