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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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honda0105 Champion Author Tallahassee Posts:18,599 Points:1,607,570 Joined:Nov 2008	Message Posted: Feb 18, 2013 12:01:59 AM Ignore honda0105 Report Abuse really, you don't say....?! Never would have guessed that ... (turning off dripping sarcasm).
Rajah Champion Author Illinois Posts:7,564 Points:2,304,995 Joined:Jul 2005	Message Posted: Feb 14, 2013 10:48:58 PM Ignore Rajah Report Abuse The speculating hedge funds play a significant role in increasing oil prices.
bston Champion Author Oklahoma City Posts:1,810 Points:640,325 Joined:Mar 2011	Message Posted: Feb 14, 2013 7:48:52 PM Ignore bston Report Abuse 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 Sophomore Author Illinois Posts:234 Points:12,450 Joined:Jan 2013	Message Posted: Feb 14, 2013 6:19:53 PM Ignore Toonces2013 Report Abuse "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:3,250 Points:981,155 Joined:Feb 2009	Message Posted: Feb 14, 2013 4:42:04 PM Ignore 07skydriver Report Abuse Just stay home.
dylan126 Champion Author Cleveland Posts:4,420 Points:593,920 Joined:Sep 2011	Message Posted: Feb 14, 2013 3:37:27 PM Ignore dylan126 Report Abuse Put a choke hold on living.... " put choke hold on spending"
jetskijerry Champion Author North Carolina Posts:3,886 Points:770,320 Joined:Mar 2011	Message Posted: Feb 14, 2013 12:56:58 AM Ignore jetskijerry Report Abuse crooks
jetskijerry Champion Author North Carolina Posts:3,886 Points:770,320 Joined:Mar 2011	Message Posted: Feb 14, 2013 12:56:43 AM Ignore jetskijerry Report Abuse greed
ican2step Champion Author Pittsburgh Posts:1,676 Points:425,675 Joined:Feb 2012	Message Posted: Feb 14, 2013 12:38:09 AM Ignore ican2step Report Abuse Can Obummer blame Bush for this?
10k Champion Author North Carolina Posts:21,235 Points:2,252,070 Joined:May 2006	Message Posted: Feb 14, 2013 12:37:33 AM Ignore 10k Report Abuse 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:8,337 Points:1,537,705 Joined:Mar 2008	Message Posted: Feb 14, 2013 12:37:11 AM Ignore danreino Report Abuse $5.25 gas by 05/25
CC55 Champion Author Georgia Posts:1,308 Points:1,396,570 Joined:Sep 2005	Message Posted: Feb 14, 2013 12:36:42 AM Ignore CC55 Report Abuse Had to pay for Xmas!!
lunarrv15 Champion Author Cincinnati Posts:14,853 Points:2,383,310 Joined:Dec 2005	Message Posted: Feb 14, 2013 12:35:02 AM Ignore lunarrv15 Report Abuse Okay...very interesting thanks for posting on GB
Caduceus26 Champion Author Jacksonville Posts:3,886 Points:760,435 Joined:May 2009	Message Posted: Feb 14, 2013 12:34:32 AM Ignore Caduceus26 Report Abuse 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:11,458 Points:2,078,810 Joined:Dec 2006	Message Posted: Feb 14, 2013 12:33:23 AM Ignore Bigwaynef Report Abuse Yep the dollar ain't worth anything nowadays...
mia3bxs Veteran Author Miami Posts:447 Points:309,315 Joined:Jul 2011	Message Posted: Feb 14, 2013 12:32:37 AM Ignore mia3bxs Report Abuse Just what I expected.
snky2k Champion Author Indianapolis Posts:1,388 Points:301,615 Joined:Mar 2012	Message Posted: Feb 14, 2013 12:32:11 AM Ignore snky2k Report Abuse The dollar is going to get trashed.
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,625,275 Joined:Jun 2008	Message Posted: Feb 14, 2013 12:30:27 AM Ignore DrCashFlow Report Abuse Next recession - or worse - is on the way
Tigercat88 Champion Author North Carolina Posts:3,187 Points:614,915 Joined:Jul 2011	Message Posted: Feb 14, 2013 12:28:58 AM Ignore Tigercat88 Report Abuse This time it will push us into a Depression.
Doomsday64 All-Star Author Austin Posts:849 Points:334,080 Joined:Apr 2011	Message Posted: Feb 14, 2013 12:27:35 AM Ignore Doomsday64 Report Abuse It sucks
BMWer Champion Author Calgary Posts:2,071 Points:1,663,845 Joined:Dec 2003	Message Posted: Feb 14, 2013 12:27:17 AM Ignore BMWer Report Abuse The economy stalls when gas prices rise..
txkrb Champion Author Texas Posts:1,555 Points:637,305 Joined:May 2011	Message Posted: Feb 14, 2013 12:25:05 AM Ignore txkrb Report Abuse Third year in a row gas prices increased significantly in January
wshokie12 Champion Author Winston-Salem Posts:1,310 Points:214,610 Joined:Aug 2012	Message Posted: Feb 14, 2013 12:23:56 AM Ignore wshokie12 Report Abuse Slow news day?
pa79th Champion Author Pennsylvania Posts:1,772 Points:1,214,900 Joined:Jun 2007	Message Posted: Feb 14, 2013 12:22:46 AM Ignore pa79th Report Abuse Yup, its obvious to anyone outside the beltway.
crreed1 Champion Author West Virginia Posts:1,975 Points:2,524,385 Joined:May 2005	Message Posted: Feb 14, 2013 12:22:46 AM Ignore crreed1 Report Abuse old news
RBob Champion Author Portland Posts:3,359 Points:2,345,700 Joined:May 2004	Message Posted: Feb 14, 2013 12:22:13 AM Ignore RBob Report Abuse Really??
N5EXY Champion Author Austin Posts:5,482 Points:1,508,430 Joined:Jul 2004	Message Posted: Feb 14, 2013 12:21:36 AM Ignore N5EXY Report Abuse Elementary, my dear Watson.
PissedATthePump All-Star Author Pennsylvania Posts:507 Points:119,580 Joined:May 2012	Message Posted: Feb 14, 2013 12:21:29 AM Ignore PissedATthePump Report Abuse Should Be Obvious...
Robert44 Champion Author Columbus Posts:3,573 Points:1,218,150 Joined:Mar 2004	Message Posted: Feb 14, 2013 12:20:32 AM Ignore Robert44 Report Abuse How's that hope and change working out?????
weenoo215 Veteran Author Illinois Posts:370 Points:40,405 Joined:Jan 2013	Message Posted: Feb 14, 2013 12:20:24 AM Ignore weenoo215 Report Abuse definitely
TDImons Champion Author Pennsylvania Posts:1,217 Points:543,630 Joined:Apr 2011	Message Posted: Feb 14, 2013 12:20:14 AM Ignore TDImons Report Abuse 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:1,796 Points:256,855 Joined:Aug 2012	Message Posted: Feb 14, 2013 12:20:02 AM Ignore CarefreeVT Report Abuse Glad they put a positive spin on the obvious
Ray_10589 Champion Author New York Posts:4,931 Points:1,180,810 Joined:May 2009	Message Posted: Feb 14, 2013 12:18:54 AM Ignore Ray_10589 Report Abuse not hard to figure out ...
BobD2009 Champion Author Long Island Posts:6,979 Points:1,237,835 Joined:Apr 2009	Message Posted: Feb 14, 2013 12:18:19 AM Ignore BobD2009 Report Abuse I totally agree.
TheeRedRam Champion Author Hartford Posts:3,153 Points:670,685 Joined:Jun 2011	Message Posted: Feb 14, 2013 12:18:04 AM Ignore TheeRedRam Report Abuse Hummm Interesting.
GAS1251 Champion Author Texas Posts:5,138 Points:1,624,280 Joined:Jun 2008	Message Posted: Feb 14, 2013 12:15:18 AM Ignore GAS1251 Report Abuse so we noticed
KrsnaDragon Champion Author Montreal Posts:2,397 Points:529,350 Joined:Nov 2011	Message Posted: Feb 14, 2013 12:15:08 AM Ignore KrsnaDragon Report Abuse This is not surprising news, but the article was interesting.
Bubba44612 Champion Author Ohio Posts:7,386 Points:1,875,130 Joined:Aug 2005	Message Posted: Feb 14, 2013 12:14:06 AM Ignore Bubba44612 Report Abuse Really, less take home pay = less spending and I didn't go to collage.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Feb 14, 2013 12:13:59 AM Ignore tedjm1 Report Abuse Money is tight and getting hard for families to cope
yonasb Champion Author Houston Posts:3,463 Points:736,125 Joined:Apr 2011	Message Posted: Feb 14, 2013 12:13:23 AM Ignore yonasb Report Abuse It sucks
rahcat Champion Author Grand Rapids Posts:2,458 Points:661,000 Joined:Jan 2010	Message Posted: Feb 14, 2013 12:12:11 AM Ignore rahcat Report Abuse Doesn't take a rocket scientist to figure this out.
gaspricewatchKS All-Star Author Kansas Posts:748 Points:279,090 Joined:Nov 2008	Message Posted: Feb 14, 2013 12:10:22 AM Ignore gaspricewatchKS Report Abuse exactly
bvrbill Champion Author Eugene Posts:3,199 Points:516,575 Joined:Jul 2011	Message Posted: Feb 14, 2013 12:09:49 AM Ignore bvrbill Report Abuse High fuel prices are putting the clamps on economic recovery.
boatfloyd Champion Author Jacksonville Posts:1,708 Points:386,025 Joined:Mar 2012	Message Posted: Feb 14, 2013 12:08:43 AM Ignore boatfloyd Report Abuse Higher gas prices = Inflation and lower economic growth.
mlmeng Champion Author Michigan Posts:1,625 Points:589,110 Joined:Mar 2011	Message Posted: Feb 14, 2013 12:08:42 AM Ignore mlmeng Report Abuse 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:9,000 Points:1,591,345 Joined:Apr 2008	Message Posted: Feb 14, 2013 12:07:51 AM Ignore madison8359 Report Abuse Our oil addiction must be paid for before anything else.
Rageagainsttm Champion Author Tampa Posts:8,293 Points:1,901,030 Joined:Jul 2007	Message Posted: Feb 14, 2013 12:05:12 AM Ignore Rageagainsttm Report Abuse No doubt about that.
PrinceLH Champion Author Ontario Posts:2,682 Points:536,095 Joined:Jun 2011	Message Posted: Feb 14, 2013 12:04:45 AM Ignore PrinceLH Report Abuse Then fix the speculation problem!!!
sjhman Veteran Author Atlanta Posts:409 Points:275,225 Joined:Sep 2008	Message Posted: Feb 14, 2013 12:03:46 AM Ignore sjhman Report Abuse Deja Vu
stratlinetime Champion Author Kalamazoo Posts:2,271 Points:561,885 Joined:Feb 2011	Message Posted: Feb 14, 2013 12:02:30 AM Ignore stratlinetime Report Abuse This all seems to familiar