They say you don’t know what you’ve got ‘til it’s gone, and consumers are realizing how good they had it now that the 2 percentage point cut in the tax every worker pays to finance Social Security has expired.
Consumer confidence plummeted dramatically since the sudden tax hike wiped out all gains registered in 2012. Taxpayers who ignorantly bought into Obama’s promise to raise taxes only on the rich, who “can afford to give back a little bit more,” were apparently taken by surprise.
According to the Washington Times:
Surveys at the time it was enacted showed that many consumers weren’t even aware of an increase in their take-home pay. But after two years of spending the extra cash from week to week, consumers clearly were missing the spare change, which added up to about $1,000 a year for the average taxpayer.
Consumer confidence dropped 8.1 points, the lowest reading in 14 months, as the payroll tax increase took effect this month. Gross domestic product also shrank for the first time in 3 1/2 years during the fourth quarter. Keep up the good work, Mr. Obama!
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?