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GasBuddy News Article

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Higher gas, rising taxes put choke hold on spending

Reuters -- Retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, suggesting a slowdown in the pace of consumer spending early in the first quarter.

The Commerce Department said on Wednesday retail sales edged up 0.1 percent after an unrevised 0.5 percent rise in December.

The modest gain, which was in line with economist's expectations, suggested that households were responding to the expiration of a two percent payroll tax cut on January 1. Taxes also went up for wealthy Americans.

So-called core sales, which strip out automobiles, gasoline and building materials and correspond most closely with the consumer spending component of gross domestic product, ticked up 0.1 percent after gaining 0.7 percent in December.

Consumer spending accoun


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Submitted Feb 13, 2013 By: WxVette
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REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Feb 18, 2013 12:01:59 AM

really, you don't say....?! Never would have guessed that ... (turning off dripping sarcasm).
Rajah
Champion Author Illinois

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Message Posted: Feb 14, 2013 10:48:58 PM

The speculating hedge funds play a significant role in increasing oil prices.
bston
Champion Author Oklahoma City

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Message Posted: Feb 14, 2013 7:48:52 PM

Prices were only down the end of last year to give people the false sense the economy was recovering, but reality set in & now prices are once again on the sharp increases!
Toonces2013
All-Star Author Illinois

Posts:727
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Message Posted: Feb 14, 2013 6:19:53 PM

"Taxes also went up for wealthy Americans."

Yet Hollyweird, the group who should be paying the most, got a tax break. Being Obama supporters has its perks.
07skydriver
Champion Author Ohio

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Message Posted: Feb 14, 2013 4:42:04 PM

Just stay home.
dylan126
Champion Author Cleveland

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Message Posted: Feb 14, 2013 3:37:27 PM

Put a choke hold on living....
" put choke hold on spending"
jetskijerry
Champion Author North Carolina

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Message Posted: Feb 14, 2013 12:56:58 AM

crooks
jetskijerry
Champion Author North Carolina

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Message Posted: Feb 14, 2013 12:56:43 AM

greed
ican2step
Champion Author Pittsburgh

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Message Posted: Feb 14, 2013 12:38:09 AM

Can Obummer blame Bush for this?
10k
Champion Author North Carolina

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Message Posted: Feb 14, 2013 12:37:33 AM

the next recession ??..we ain't never got out of the first recession around here..in this area, we are a heckova lot closer to a depression, than we are happy days-no matter what your dictator says !!..
danreino
Champion Author Twin Cities

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Message Posted: Feb 14, 2013 12:37:11 AM

$5.25 gas by 05/25
CC55
Champion Author Georgia

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Message Posted: Feb 14, 2013 12:36:42 AM

Had to pay for Xmas!!
lunarrv15
Champion Author Cincinnati

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Message Posted: Feb 14, 2013 12:35:02 AM

Okay...very interesting
thanks for posting on GB
Caduceus26
Champion Author Jacksonville

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Message Posted: Feb 14, 2013 12:34:32 AM

The more money that goes into necessities like food, clothing, gas, etc., the less there is left for discretionary spending (which is the spending that spurs growth in the economy.)
Bigwaynef
Champion Author South Carolina

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Message Posted: Feb 14, 2013 12:33:23 AM

Yep the dollar ain't worth anything nowadays...
mia3bxs
All-Star Author Miami

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Message Posted: Feb 14, 2013 12:32:37 AM

Just what I expected.
snky2k
Champion Author Indianapolis

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Message Posted: Feb 14, 2013 12:32:11 AM

The dollar is going to get trashed.
DrCashFlow
Champion Author Massachusetts

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Message Posted: Feb 14, 2013 12:30:27 AM

Next recession - or worse - is on the way
Tigercat88
Champion Author North Carolina

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Message Posted: Feb 14, 2013 12:28:58 AM

This time it will push us into a Depression.
Doomsday64
All-Star Author Austin

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Message Posted: Feb 14, 2013 12:27:35 AM

It sucks
BMWer
Champion Author Calgary

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Message Posted: Feb 14, 2013 12:27:17 AM

The economy stalls when gas prices rise..
txkrb
Champion Author Texas

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Message Posted: Feb 14, 2013 12:25:05 AM

Third year in a row gas prices increased significantly in January
wshokie12
Champion Author Winston-Salem

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Message Posted: Feb 14, 2013 12:23:56 AM

Slow news day?
pa79th
Champion Author Pennsylvania

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Message Posted: Feb 14, 2013 12:22:46 AM

Yup, its obvious to anyone outside the beltway.
crreed1
Champion Author West Virginia

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Message Posted: Feb 14, 2013 12:22:46 AM

old news
RBob
Champion Author Portland

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Message Posted: Feb 14, 2013 12:22:13 AM

Really??
N5EXY
Champion Author Austin

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Message Posted: Feb 14, 2013 12:21:36 AM

Elementary, my dear Watson.
PissedATthePump
All-Star Author Pennsylvania

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Message Posted: Feb 14, 2013 12:21:29 AM

Should Be Obvious...
Robert44
Champion Author Columbus

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Message Posted: Feb 14, 2013 12:20:32 AM

How's that hope and change working out?????
weenoo215
Champion Author Illinois

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Message Posted: Feb 14, 2013 12:20:24 AM

definitely
TDImons
Champion Author Pennsylvania

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Message Posted: Feb 14, 2013 12:20:14 AM

Hmm... The election is over so our taxes went up and gas prices are skyrocketing. Can someone please tell me the rationale for re-electing this clown?
CarefreeVT
Champion Author Burlington

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Message Posted: Feb 14, 2013 12:20:02 AM

Glad they put a positive spin on the obvious
Ray_10589
Champion Author New York

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Message Posted: Feb 14, 2013 12:18:54 AM

not hard to figure out ...
BobD2009
Champion Author Long Island

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Message Posted: Feb 14, 2013 12:18:19 AM

I totally agree.
TheeRedRam
Champion Author Hartford

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Message Posted: Feb 14, 2013 12:18:04 AM

Hummm Interesting.
GAS1251
Champion Author Texas

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Message Posted: Feb 14, 2013 12:15:18 AM

so we noticed
KrsnaDragon
Champion Author Montreal

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Message Posted: Feb 14, 2013 12:15:08 AM

This is not surprising news, but the article was interesting.
Bubba44612
Champion Author Ohio

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Message Posted: Feb 14, 2013 12:14:06 AM

Really, less take home pay = less spending and I didn't go to collage.
tedjm1
Champion Author New York

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Message Posted: Feb 14, 2013 12:13:59 AM

Money is tight and getting hard for families to cope
yonasb
Champion Author Houston

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Message Posted: Feb 14, 2013 12:13:23 AM

It sucks
rahcat
Champion Author Grand Rapids

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Message Posted: Feb 14, 2013 12:12:11 AM

Doesn't take a rocket scientist to figure this out.
gaspricewatchKS
All-Star Author Kansas

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Message Posted: Feb 14, 2013 12:10:22 AM

exactly
bvrbill
Champion Author Eugene

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Message Posted: Feb 14, 2013 12:09:49 AM

High fuel prices are putting the clamps on economic recovery.
boatfloyd
Champion Author Jacksonville

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Message Posted: Feb 14, 2013 12:08:43 AM

Higher gas prices = Inflation and lower economic growth.
mlmeng
Champion Author Michigan

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Message Posted: Feb 14, 2013 12:08:42 AM

Who could have foreseen this? The answer is everyone. Raising taxes in a weak economy does not lead to economic prosperity.
madison8359
Champion Author Cleveland

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Message Posted: Feb 14, 2013 12:07:51 AM

Our oil addiction must be paid for before anything else.
Rageagainsttm
Champion Author Tampa

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Message Posted: Feb 14, 2013 12:05:12 AM

No doubt about that.
PrinceLH
Champion Author Ontario

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Message Posted: Feb 14, 2013 12:04:45 AM

Then fix the speculation problem!!!
sjhman
Veteran Author Atlanta

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Message Posted: Feb 14, 2013 12:03:46 AM

Deja Vu
stratlinetime
Champion Author Kalamazoo

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Message Posted: Feb 14, 2013 12:02:30 AM

This all seems to familiar
JasTheAce
Champion Author Raleigh

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Joined:Nov 2012
Message Posted: Feb 14, 2013 12:02:02 AM

yep
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