Definitely it is. Unfortunately we are not able to prevent it or even to slow the rate down in many parts of equatorial Africa, Asia and South America.
The replacement of primary forest with timber plantations is also another bad idea, as it kills the biodiversity.
Here is another bad idea regarding deforestation
http://grist.org/article/2010-04-13-raising-cane-the-trouble-with-brazils-much-celebrated-ethanol-mi/
From the same website celebrating banning climate change deniers on reddit... It must be true then.