Tax Hikes Hurt The Economy More Than Equivalent Fiscal Spending Cuts: Chart

From EconLog, "Which hurts more in the short run, tax hikes or spending cuts?" by Garett Jones:

Source: EconLog

Both GDP and consumer spending tell the same story: Spending cuts are the less painful path to fiscal rectitude. When countries tried to get right with the bond markets, this IMF study found that nations that mostly raised taxes suffered about twice as much as nations that mostly cut spending. [Emphasis added.]