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!
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