Posted on 11/26/2012 3:51:48 AM PST by tobyhill
Americans could spend nearly $200 billion less next year on cars, clothes, furniture and other consumer products than they would otherwise if automatic tax increases take effect as currently scheduled, the White House warned in a report issued Monday morning.
Such a crimp on demand would curb the growth of real consumer spending by 1.7 percentage points in 2013 and slow the growth of the overall economy by 1.4 percentage points, according to the report prepared by the President’s Council of Economic Advisers.
The report focused entirely on the impact of Bush-era tax cuts expiring for middle-class taxpayers at the end of the year and a failure to adjust the Alternative Minimum Tax so that it does not suddenly apply to millions of taxpayers who have not paid it in the past. It made no effort to look at the economic impact of deep military and domestic spending cuts also due to take effect in the new year.
(Excerpt) Read more at thecaucus.blogs.nytimes.com ...
The only reason the Slimes is covering this is as part of a disinformation campaign to blame Republicans for this.
LLS
The libtards are beside themselves. They can't come out and admit that the only thing keeping the economy from collapsing right now IS the Bush tax cuts. It's all Bush's fault, but he gets none of the credit.
Well, DUH. Any idiot could figure that out LONG before the re-election of The Worst President Ever. The NYT is really, really slow.
And in other news, a bear was just seen walking into the woods... that bear COULD be planning on taking a dump.
Big government stifles the economy. It doesn’t matter how they collect the money.
Automatic Tax Increases WILL Stall the Economy in 2013
There. Fixed it.
Tax increases + Obamacare at the same time. Oh this is going to be good. The complete economic destruction of the U.S. acomplished by a Manchurian Candidate Muslim Brotherhood member. Can’t wait for the liberal’s heads to explode when they realize that they’ve shot themselves in the foot and there’s a long line at the local nationalized healthcare hospital that doesn’t give a rat’s a$$ about them.
Is there any real growth to stunt? Inflation will produce bigger numbers but that isn’t growth.
Just call them the Clinton rates and since Clinton is now the revered elder statesman who saved the Obama presidency and we've heard endlessly how horrible it was with Bush and how utopian with Clinton, let's just go back to those Clinton rates and watch what happens. Make the Dems OWN this.
I actually saw an article that skillfully referred to them as the "pre-Bush" tax rates. The MSM does not want to attach the Clinton era tax rates to Clinton. If the Republicans were not so flat-out dense, They should not refer to "going off the fiscal cliff" but simply say we're returning to Clinton-era tax rates.
Amen!!!
LLS
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