The administration warns that automatic tax hikes set for next year could cripple the holiday shopping season and slash consumer spending by $200 billion in 2013.What? Holiday shopping season will be over by the time the new taxes take effect. Foreshadowing the Great Recession of 2013. But I digress.
The above link is the front page story in the LA Times today.
But the White House report warned that "the hard-earned rise in consumer confidence will be at risk if the middle-class tax cuts are not soon extended with a minimum of political drama."
no , ic an see a segment of the population spending less this year , just because they know they will have LESS income next year to pay off the credit card bill.. if we have 250 million Shoppers in the USA and each spends just $ 100 less that is $ 25 Billion ..
ReplyDeleteI wish human nature worked that way ... my hunch is they will put that extra $100 on a new credit card.
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