Worst income dip in 20 years doesn’t stop spending- Consumers keep at it despite ....

Marketwatch ^ | March 1, 2013, 11:10 a.m. EST | Jeffry Bartash,

[Ernest_at_the_Beach]

Consumers keep at it despite tax increase at start of year

WASHINGTON (MarketWatch) — Consumers increased spending in January for the third straight month, suggesting that a big drop in income and a tax hike at the start of the year only exerted a mild drag.

Consumer spending advanced a seasonally adjusted 0.2% last month, the Commerce Department said Friday. That matched the estimate of economists polled by MarketWatch.

Americans continued their spending ways despite an increase in their taxes and the biggest plunge in income in 20 years.

A two-year law that reduced payroll taxes by 2% expired in January and the government also raised rates on the very rich. For people earning $1,000 a week, the payroll tax hike takes an extra $20 out of their paychecks.

[E. Pluribus Unum]

The consumers who transfer their monthly EBT balance to Walmart are still spending every cent they receive, but the ones who actually earn their money are not, if they can help it.

[LibWhacker]

Saving less and buying more guns.

[cuban leaf]

Worst income dip in 20 years doesn’t stop spending- Consumers keep at it despite ....

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Heh. Looking at government income and spening figures as well, it looks as though ours truly is a government “of” the people.

[BenLurkin]

People are living like like there is no tomorrow.

I wish there wasn’t.

[detective]

These statistics do not take into account the full extent of government give away programs. People who work for a living are being devastated. People who sponge off the taxpayers are doing great.

[demshateGod]

I’ve spent the bulk of my money on boat anchors over the last month.

[rockinqsranch]

I will not fall for anything a department of this administration puts forth. I have specifics I have to shop for every week. IOW I’m out there, and I see what’s NOT happening, and what’s NOT happening is consumers are NOT out there blowing their dough.

Essentials are where the reluctant cash is going, rarely anything else.

“Consumer spending advanced a seasonally adjusted 0.2% last month, the Commerce Department said Friday. That matched the estimate of economists polled by MarketWatch.”

Wondering what economists MarketWatch polled. Obama Kenyanesian economists perhaps.

[Grams A]

,,,if they can help it.”

I certainly don’t have an EBT although I’m sure I pay for several. My spending is up at the grocery store but I can now easily carry everything I can afford to buy out in just two bags every week. People I know who had a little money left over at the end of previous months now have none, are getting less for their money and having to juggle bills around just to make ends meet. It’s like playing Russian roulette except that there are no empty chambers any more.

[Ernest_at_the_Beach]

A lot of spinning going on....

[Ernest_at_the_Beach]

Good strategy.

[ltc8k6]

“And consumer spending rose just 0.2% with most of it going toward higher heating bills and filling up the gas tank.”

http://www.usatoday.com/story/money/business/2013/03/01/personal-income-consumer-spending-january/1956029/

Yes, when food and fuel prices rise, consumers spend more money...

[E. Pluribus Unum]

I just went to Subway. Every once in a while I treat myself to one of their roast beef sandwiches. I went there last month and it was $6 for the sandwich. Went there today and it is $7.50. I decided to skip it.

[lodi90]

I gave up on subway and now go to the local supermarket deli. For $6.50 I get a large sub and have it cut in half. That makes two meals when I am on a road trip which I think is a pretty good deal.

[cork]

Umm yea spending is up. Gasoline around 3.90. I pack my own lunch. Lunch meat is out of sight. I like to shoot skeet, yea, that is now the sport of kings, and I reload. Needed tires..almost needed cpr. Funny I haven’t heard any inflation numbers lately.

[lucky american]

Just today a co-worker said, “I’m gonna spend it while I have it.”
Those are her exact words.

[Ernest_at_the_Beach]

Bernake says no significant inflation at the moment.

[formosa]

If folks were still spending, we wouldn’t see all these businesses shutting down or having financial difficulty. I have to wonder who does the math for politicians? A Californian perhaps?

[kabar]

How much of the increased spending is due to high gas prices?

[Jane Long]

People who sponge off the taxpayers are doing great.

Yes, I see them at Whole Foods...using their LoneStar cards.

Dear Leader sez they deserve the finer things in life...compliments of you and I.

Don't dare cut that part of the spending problem...people will suffer!