Not Logged In Log In   Sign Up   Points Leaders
Follow Us    12:25 AM

GasBuddy News Article

49
votes
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


Read the Full Article

Submitted Feb 13, 2013 By: WxVette
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Higher gas, rising taxes put choke hold on spending Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,310
Points:2,437,590
Joined:Nov 2008
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

Posts:9,489
Points:2,967,925
Joined:Jul 2005
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

Posts:5,141
Points:1,473,825
Joined:Mar 2011
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:734
Points:35,645
Joined:Jan 2013
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

Posts:6,153
Points:1,719,550
Joined:Feb 2009
Message Posted: Feb 14, 2013 4:42:04 PM

Just stay home.
dylan126
Champion Author Cleveland

Posts:7,839
Points:1,391,845
Joined:Sep 2011
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

Posts:7,169
Points:1,564,760
Joined:Mar 2011
Message Posted: Feb 14, 2013 12:56:58 AM

crooks
jetskijerry
Champion Author North Carolina

Posts:7,169
Points:1,564,760
Joined:Mar 2011
Message Posted: Feb 14, 2013 12:56:43 AM

greed
ican2step
Champion Author Pittsburgh

Posts:4,888
Points:1,214,625
Joined:Feb 2012
Message Posted: Feb 14, 2013 12:38:09 AM

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

Posts:25,796
Points:3,061,610
Joined:May 2006
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

Posts:9,828
Points:1,838,480
Joined:Mar 2008
Message Posted: Feb 14, 2013 12:37:11 AM

$5.25 gas by 05/25
CC55
Champion Author Georgia

Posts:1,916
Points:1,748,275
Joined:Sep 2005
Message Posted: Feb 14, 2013 12:36:42 AM

Had to pay for Xmas!!
lunarrv15
Champion Author Cincinnati

Posts:20,251
Points:3,190,660
Joined:Dec 2005
Message Posted: Feb 14, 2013 12:35:02 AM

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

Posts:7,257
Points:1,590,240
Joined:May 2009
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

Posts:15,737
Points:2,888,530
Joined:Dec 2006
Message Posted: Feb 14, 2013 12:33:23 AM

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

Posts:517
Points:883,590
Joined:Jul 2011
Message Posted: Feb 14, 2013 12:32:37 AM

Just what I expected.
snky2k
Champion Author Indianapolis

Posts:3,664
Points:1,079,370
Joined:Mar 2012
Message Posted: Feb 14, 2013 12:32:11 AM

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

Posts:10,308
Points:2,415,835
Joined:Jun 2008
Message Posted: Feb 14, 2013 12:30:27 AM

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

Posts:6,580
Points:1,428,915
Joined:Jul 2011
Message Posted: Feb 14, 2013 12:28:58 AM

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

Posts:905
Points:377,750
Joined:Apr 2011
Message Posted: Feb 14, 2013 12:27:35 AM

It sucks
BMWer
Champion Author Calgary

Posts:5,028
Points:2,465,690
Joined:Dec 2003
Message Posted: Feb 14, 2013 12:27:17 AM

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

Posts:2,865
Points:1,367,045
Joined:May 2011
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

Posts:3,500
Points:946,890
Joined:Aug 2012
Message Posted: Feb 14, 2013 12:23:56 AM

Slow news day?
pa79th
Champion Author Pennsylvania

Posts:5,148
Points:2,004,675
Joined:Jun 2007
Message Posted: Feb 14, 2013 12:22:46 AM

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

Posts:5,151
Points:3,247,635
Joined:May 2005
Message Posted: Feb 14, 2013 12:22:46 AM

old news
RBob
Champion Author Portland

Posts:5,333
Points:3,078,405
Joined:May 2004
Message Posted: Feb 14, 2013 12:22:13 AM

Really??
N5EXY
Champion Author Austin

Posts:8,908
Points:2,318,940
Joined:Jul 2004
Message Posted: Feb 14, 2013 12:21:36 AM

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

Posts:600
Points:160,180
Joined:May 2012
Message Posted: Feb 14, 2013 12:21:29 AM

Should Be Obvious...
Robert44
Champion Author Columbus

Posts:4,941
Points:1,846,740
Joined:Mar 2004
Message Posted: Feb 14, 2013 12:20:32 AM

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

Posts:2,301
Points:318,015
Joined:Jan 2013
Message Posted: Feb 14, 2013 12:20:24 AM

definitely
TDImons
Champion Author Pennsylvania

Posts:1,358
Points:1,242,200
Joined:Apr 2011
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

Posts:2,079
Points:352,795
Joined:Aug 2012
Message Posted: Feb 14, 2013 12:20:02 AM

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

Posts:8,128
Points:1,970,570
Joined:May 2009
Message Posted: Feb 14, 2013 12:18:54 AM

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

Posts:10,322
Points:2,034,715
Joined:Apr 2009
Message Posted: Feb 14, 2013 12:18:19 AM

I totally agree.
TheeRedRam
Champion Author Hartford

Posts:6,423
Points:1,496,920
Joined:Jun 2011
Message Posted: Feb 14, 2013 12:18:04 AM

Hummm Interesting.
GAS1251
Champion Author Texas

Posts:8,530
Points:2,454,650
Joined:Jun 2008
Message Posted: Feb 14, 2013 12:15:18 AM

so we noticed
KrsnaDragon
Champion Author Montreal

Posts:6,158
Points:1,337,595
Joined:Nov 2011
Message Posted: Feb 14, 2013 12:15:08 AM

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

Posts:10,681
Points:2,695,650
Joined:Aug 2005
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

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Feb 14, 2013 12:13:59 AM

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

Posts:3,463
Points:852,575
Joined:Apr 2011
Message Posted: Feb 14, 2013 12:13:23 AM

It sucks
rahcat
Champion Author Grand Rapids

Posts:6,120
Points:1,495,675
Joined:Jan 2010
Message Posted: Feb 14, 2013 12:12:11 AM

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

Posts:752
Points:279,295
Joined:Nov 2008
Message Posted: Feb 14, 2013 12:10:22 AM

exactly
bvrbill
Champion Author Eugene

Posts:8,423
Points:1,349,880
Joined:Jul 2011
Message Posted: Feb 14, 2013 12:09:49 AM

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

Posts:5,143
Points:1,198,590
Joined:Mar 2012
Message Posted: Feb 14, 2013 12:08:43 AM

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

Posts:5,015
Points:1,407,090
Joined:Mar 2011
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

Posts:18,077
Points:2,424,330
Joined:Apr 2008
Message Posted: Feb 14, 2013 12:07:51 AM

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

Posts:11,469
Points:2,688,555
Joined:Jul 2007
Message Posted: Feb 14, 2013 12:05:12 AM

No doubt about that.
PrinceLH
Champion Author Ontario

Posts:6,089
Points:1,348,770
Joined:Jun 2011
Message Posted: Feb 14, 2013 12:04:45 AM

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

Posts:429
Points:926,375
Joined:Sep 2008
Message Posted: Feb 14, 2013 12:03:46 AM

Deja Vu
stratlinetime
Champion Author Kalamazoo

Posts:5,658
Points:1,373,815
Joined:Feb 2011
Message Posted: Feb 14, 2013 12:02:30 AM

This all seems to familiar
JasTheAce
Champion Author Raleigh

Posts:4,280
Points:996,085
Joined:Nov 2012
Message Posted: Feb 14, 2013 12:02:02 AM

yep
Post a reply Back to Topics