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Thu Dec 27, 2012, 11:06 AM

US consumer confidence falls on fiscal cliff fears

Source: AP


BY BY PAUL WISEMAN, ASSOCIATED PRESS

WASHINGTON (AP) ó U.S. consumer confidence tumbled in December, driven lower by fears of sharp tax increases and government spending cuts set to take effect next week.

The Conference Board said Thursday that its consumer confidence index fell this month to 65.1, down from 71.5 in November. Thatís second straight decline and the lowest level since August.

The survey showed consumers are slightly more optimistic about current business conditions and hiring. But their outlook for the next six months deteriorated to its lowest level since 2011, the survey showed.

Lynn Franco, the boardís director of economic indicators, said the decline in expectations for the next six months is a signal that consumers are worried about the ďfiscal cliff.Ē Thatís the name for the automatic spending cuts and tax hikes that take effect Jan. 1 if the White House and Congress canít reach a budget deal.

Expectations also plunged in August 2011 when a fight over the federal debt limit brought the government to the brink of insolvency, she said.

-snip-

Read more: http://www.salon.com/2012/12/27/us_consumer_confidence_falls_on_fiscal_cliff_fears/

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Reply US consumer confidence falls on fiscal cliff fears (Original post)
DonViejo Dec 2012 OP
plethoro Dec 2012 #1
PSPS Dec 2012 #2
high density Dec 2012 #3

Response to DonViejo (Original post)

Thu Dec 27, 2012, 11:11 AM

1. I wonder who they are polling? Are they polling

 

mainly the rich who are afraid the poor will stop giving them money?

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Response to DonViejo (Original post)

Thu Dec 27, 2012, 05:36 PM

2. "a signal that consumers are worried about the 'fiscal cliff.'"

Lynn Franco, the boardís director of economic indicators, said the decline in expectations for the next six months is a signal that consumers are worried about the "fiscal cliff." Thatís the name for the automatic spending cuts and tax hikes that take effect Jan. 1 if the White House and Congress canít reach a budget deal.

Lynn Franco is a mind reader? "Fiscal cliff" my ass. This reading of tea leaves is silly. People's mood, expectations and even holiday spending are down because we literally had a "bloody" Christmas season. It's somewhat hard to feel good about much of anything when children, shoppers and firemen are being slaughtered wholesale on a daily basis.

I suspect this AP stenographer "reporter" will get a talking to because he forgot to insert the officially-sanctioned adjectives. Instead of "spending cuts and tax hikes," the style book requires that you say, "spending cuts and massive/steep/gigantic tax hikes." After all, we're talking about a whopping 3% additional tax only on earnings over $250K/year. Oh noes!!1!! The horror!!11!1!

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Response to DonViejo (Original post)

Thu Dec 27, 2012, 05:49 PM

3. Fiscal cliff: Taxes are going up and spending is going down

I thought the media was telling us that people are very concerned of debt and the deficit? This will allegedly help fix both.

I mean the Republicans who told us that tax cuts would create millions of jobs now tell us that the supposed lack of government austerity (as long as it doesn't affect rich people, pork, and defense) is the only thing that is stopping businesses from creating megatons of jobs.

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