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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:18,610 Points:1,608,545 Joined:Nov 2008	Message Posted: Feb 17, 2013 10:01:59 PM Ignore honda0105 Report Abuse really, you don't say....?! Never would have guessed that ... (turning off dripping sarcasm).
Rajah Champion Author Illinois Posts:7,565 Points:2,305,815 Joined:Jul 2005	Message Posted: Feb 14, 2013 8:48:58 PM Ignore Rajah Report Abuse The speculating hedge funds play a significant role in increasing oil prices.
bston Champion Author Oklahoma City Posts:1,815 Points:641,300 Joined:Mar 2011	Message Posted: Feb 14, 2013 5:48:52 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:236 Points:13,315 Joined:Jan 2013	Message Posted: Feb 14, 2013 4:19:53 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:3,255 Points:982,130 Joined:Feb 2009	Message Posted: Feb 14, 2013 2:42:04 PM Ignore 07skydriver Report Abuse Just stay home.
dylan126 Champion Author Cleveland Posts:4,425 Points:594,895 Joined:Sep 2011	Message Posted: Feb 14, 2013 1:37:27 PM Ignore dylan126 Report Abuse Put a choke hold on living.... " put choke hold on spending"
jetskijerry Champion Author North Carolina Posts:3,891 Points:771,295 Joined:Mar 2011	Message Posted: Feb 13, 2013 10:56:58 PM Ignore jetskijerry Report Abuse crooks
jetskijerry Champion Author North Carolina Posts:3,891 Points:771,295 Joined:Mar 2011	Message Posted: Feb 13, 2013 10:56:43 PM Ignore jetskijerry Report Abuse greed
ican2step Champion Author Pittsburgh Posts:1,681 Points:426,650 Joined:Feb 2012	Message Posted: Feb 13, 2013 10:38:09 PM Ignore ican2step Report Abuse Can Obummer blame Bush for this?
10k Champion Author North Carolina Posts:21,245 Points:2,253,065 Joined:May 2006	Message Posted: Feb 13, 2013 10:37:33 PM 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:8,343 Points:1,539,555 Joined:Mar 2008	Message Posted: Feb 13, 2013 10:37:11 PM Ignore danreino Report Abuse $5.25 gas by 05/25
CC55 Champion Author Georgia Posts:1,310 Points:1,397,485 Joined:Sep 2005	Message Posted: Feb 13, 2013 10:36:42 PM Ignore CC55 Report Abuse Had to pay for Xmas!!
lunarrv15 Champion Author Cincinnati Posts:14,862 Points:2,384,335 Joined:Dec 2005	Message Posted: Feb 13, 2013 10:35:02 PM Ignore lunarrv15 Report Abuse Okay...very interesting thanks for posting on GB
Caduceus26 Champion Author Jacksonville Posts:3,891 Points:761,410 Joined:May 2009	Message Posted: Feb 13, 2013 10:34:32 PM 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:11,465 Points:2,079,785 Joined:Dec 2006	Message Posted: Feb 13, 2013 10:33:23 PM Ignore Bigwaynef Report Abuse Yep the dollar ain't worth anything nowadays...
mia3bxs Veteran Author Miami Posts:452 Points:310,440 Joined:Jul 2011	Message Posted: Feb 13, 2013 10:32:37 PM Ignore mia3bxs Report Abuse Just what I expected.
snky2k Champion Author Indianapolis Posts:1,393 Points:302,590 Joined:Mar 2012	Message Posted: Feb 13, 2013 10:32:11 PM Ignore snky2k Report Abuse The dollar is going to get trashed.
DrCashFlow Champion Author Massachusetts Posts:7,064 Points:1,626,250 Joined:Jun 2008	Message Posted: Feb 13, 2013 10:30:27 PM Ignore DrCashFlow Report Abuse Next recession - or worse - is on the way
Tigercat88 Champion Author North Carolina Posts:3,192 Points:615,890 Joined:Jul 2011	Message Posted: Feb 13, 2013 10:28:58 PM Ignore Tigercat88 Report Abuse This time it will push us into a Depression.
Doomsday64 All-Star Author Austin Posts:859 Points:336,030 Joined:Apr 2011	Message Posted: Feb 13, 2013 10:27:35 PM Ignore Doomsday64 Report Abuse It sucks
BMWer Champion Author Calgary Posts:2,071 Points:1,664,595 Joined:Dec 2003	Message Posted: Feb 13, 2013 10:27:17 PM Ignore BMWer Report Abuse The economy stalls when gas prices rise..
txkrb Champion Author Texas Posts:1,558 Points:638,265 Joined:May 2011	Message Posted: Feb 13, 2013 10:25:05 PM Ignore txkrb Report Abuse Third year in a row gas prices increased significantly in January
wshokie12 Champion Author Winston-Salem Posts:1,320 Points:215,810 Joined:Aug 2012	Message Posted: Feb 13, 2013 10:23:56 PM Ignore wshokie12 Report Abuse Slow news day?
pa79th Champion Author Pennsylvania Posts:1,777 Points:1,215,875 Joined:Jun 2007	Message Posted: Feb 13, 2013 10:22:46 PM Ignore pa79th Report Abuse Yup, its obvious to anyone outside the beltway.
crreed1 Champion Author West Virginia Posts:1,982 Points:2,526,275 Joined:May 2005	Message Posted: Feb 13, 2013 10:22:46 PM Ignore crreed1 Report Abuse old news
RBob Champion Author Portland Posts:3,369 Points:2,346,900 Joined:May 2004	Message Posted: Feb 13, 2013 10:22:13 PM Ignore RBob Report Abuse Really??
N5EXY Champion Author Austin Posts:5,490 Points:1,509,590 Joined:Jul 2004	Message Posted: Feb 13, 2013 10:21:36 PM Ignore N5EXY Report Abuse Elementary, my dear Watson.
PissedATthePump All-Star Author Pennsylvania Posts:507 Points:119,580 Joined:May 2012	Message Posted: Feb 13, 2013 10:21:29 PM Ignore PissedATthePump Report Abuse Should Be Obvious...
Robert44 Champion Author Columbus Posts:3,575 Points:1,219,065 Joined:Mar 2004	Message Posted: Feb 13, 2013 10:20:32 PM Ignore Robert44 Report Abuse How's that hope and change working out?????
weenoo215 Veteran Author Illinois Posts:372 Points:40,720 Joined:Jan 2013	Message Posted: Feb 13, 2013 10:20:24 PM Ignore weenoo215 Report Abuse definitely
TDImons Champion Author Pennsylvania Posts:1,217 Points:544,505 Joined:Apr 2011	Message Posted: Feb 13, 2013 10:20:14 PM 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:1,806 Points:258,055 Joined:Aug 2012	Message Posted: Feb 13, 2013 10:20:02 PM Ignore CarefreeVT Report Abuse Glad they put a positive spin on the obvious
Ray_10589 Champion Author New York Posts:4,941 Points:1,182,010 Joined:May 2009	Message Posted: Feb 13, 2013 10:18:54 PM Ignore Ray_10589 Report Abuse not hard to figure out ...
BobD2009 Champion Author Long Island Posts:6,984 Points:1,238,810 Joined:Apr 2009	Message Posted: Feb 13, 2013 10:18:19 PM Ignore BobD2009 Report Abuse I totally agree.
TheeRedRam Champion Author Hartford Posts:3,158 Points:671,660 Joined:Jun 2011	Message Posted: Feb 13, 2013 10:18:04 PM Ignore TheeRedRam Report Abuse Hummm Interesting.
GAS1251 Champion Author Texas Posts:5,143 Points:1,625,255 Joined:Jun 2008	Message Posted: Feb 13, 2013 10:15:18 PM Ignore GAS1251 Report Abuse so we noticed
KrsnaDragon Champion Author Montreal Posts:2,402 Points:530,325 Joined:Nov 2011	Message Posted: Feb 13, 2013 10:15:08 PM Ignore KrsnaDragon Report Abuse This is not surprising news, but the article was interesting.
Bubba44612 Champion Author Ohio Posts:7,391 Points:1,876,105 Joined:Aug 2005	Message Posted: Feb 13, 2013 10:14:06 PM 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 13, 2013 10:13:59 PM Ignore tedjm1 Report Abuse Money is tight and getting hard for families to cope
yonasb Champion Author Houston Posts:3,463 Points:737,625 Joined:Apr 2011	Message Posted: Feb 13, 2013 10:13:23 PM Ignore yonasb Report Abuse It sucks
rahcat Champion Author Grand Rapids Posts:2,467 Points:662,180 Joined:Jan 2010	Message Posted: Feb 13, 2013 10:12:11 PM 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 13, 2013 10:10:22 PM Ignore gaspricewatchKS Report Abuse exactly
bvrbill Champion Author Eugene Posts:3,213 Points:517,775 Joined:Jul 2011	Message Posted: Feb 13, 2013 10:09:49 PM Ignore bvrbill Report Abuse High fuel prices are putting the clamps on economic recovery.
boatfloyd Champion Author Jacksonville Posts:1,718 Points:387,975 Joined:Mar 2012	Message Posted: Feb 13, 2013 10:08:43 PM Ignore boatfloyd Report Abuse Higher gas prices = Inflation and lower economic growth.
mlmeng Champion Author Michigan Posts:1,630 Points:590,085 Joined:Mar 2011	Message Posted: Feb 13, 2013 10:08:42 PM 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:9,014 Points:1,592,320 Joined:Apr 2008	Message Posted: Feb 13, 2013 10:07:51 PM Ignore madison8359 Report Abuse Our oil addiction must be paid for before anything else.
Rageagainsttm Champion Author Tampa Posts:8,298 Points:1,902,005 Joined:Jul 2007	Message Posted: Feb 13, 2013 10:05:12 PM Ignore Rageagainsttm Report Abuse No doubt about that.
PrinceLH Champion Author Ontario Posts:2,687 Points:537,070 Joined:Jun 2011	Message Posted: Feb 13, 2013 10:04:45 PM Ignore PrinceLH Report Abuse Then fix the speculation problem!!!
sjhman Veteran Author Atlanta Posts:410 Points:276,170 Joined:Sep 2008	Message Posted: Feb 13, 2013 10:03:46 PM Ignore sjhman Report Abuse Deja Vu
stratlinetime Champion Author Kalamazoo Posts:2,277 Points:563,755 Joined:Feb 2011	Message Posted: Feb 13, 2013 10:02:30 PM Ignore stratlinetime Report Abuse This all seems to familiar