Author Topic: Consumer confidence plunges on higher taxes  (Read 1514 times)

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Consumer confidence plunges on higher taxes
« on: January 29, 2013, 07:40:09 pm »

Consumer confidence plunges on higher taxes
By MARTIN CRUTSINGER AP Economics Writer Published: Jan 29, 2013 at 8:58 AM PST

 

WASHINGTON (AP) — U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.

The Conference Board said Tuesday that its consumer confidence index dropped 8.1 points in January from December to a reading of 58.6, the lowest since November 2011.

The index has declined for three straight months since hitting a nearly five-year high of 73.1 in October 2012. It's still above the post-recession low of 40.9 reached in October 2011.

Conference Board economist Lynn Franco said the tax increase was the key reason confidence tumbled in January, making Americans less optimistic about the next six months.

For a worker earning $50,000 a year, take-home pay will shrink this year by about $1,000.

"It may take a while for confidence to rebound and consumers to recover from their initial paycheck shock," Franco said.

The index fell sharply in December as congressional Republicans and President Barack Obama moved closer to the fiscal cliff without reaching a resolution on sharp spending cuts and tax increases.

Congress and the White House ultimately struck a deal on Jan. 1 to prevent income taxes from rising on most Americans. But they delayed the spending cuts for only two months. And they allowed a temporary cut in Social Security taxes to expire.

The survey was conducted through Jan. 17, at which point most people began to realize their paychecks were lighter.

http://www.kpic.com/news/business/188854861.html
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Offline Relic

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Re: Consumer confidence plunges on higher taxes
« Reply #1 on: January 29, 2013, 07:50:31 pm »
Do you need more evidence that Americans are stupid?

They re-elected this cancerous, traitorous POS Obama, and now they're having doubts?

What's even more concerning, is that in the face of high food prices, high gas prices, rising taxes, and high unemployment, nearly 59% have confidence?!

Offline Scottftlc

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Re: Consumer confidence plunges on higher taxes
« Reply #2 on: January 29, 2013, 08:08:37 pm »
Americans are likely not smart enough any longer to understand the cause of their own trepidation.

All they know is that the fault does not lie with Obama or the government handing them their cut of the loot.  He's trying to help them after all.

/s
Well, George Lewis told the Englishman, the Italian and the Jew
You can't open your mind, boys, to every conceivable point of view

...Bob Dylan

Oceander

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Re: Consumer confidence plunges on higher taxes
« Reply #3 on: January 30, 2013, 03:02:29 am »
Americans are likely not smart enough any longer to understand the cause of their own trepidation.

All they know is that the fault does not lie with Obama or the government handing them their cut of the loot.  He's trying to help them after all.

/s

Of course not!  Anyone who's anyone knows that "it's all Bush'es fault!"