Consumer Confidence Plunges In January

[Gina]

WASHINGTON -- U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.

The Conference Board said Tuesday that its consumer confidence index dropped to 58.6 in January. That's down from a reading of 66.7 in December and the lowest since November 2011.

Conference Board economist Lynn Franco said the tax increase was a key reason confidence tumbled and made Americans less optimistic about the next six months.

Congress and the White House reached a deal on Jan. 1 to prevent income taxes from rising on most Americans. But they allowed a temporary cut in Social Security taxes to expire. For a worker earning $50,000 a year, take-home pay will shrink this year by about $1,000.

The survey was conducted through Jan. 17, at which point most people began to realize their paychecks were lighter.

http://www.huffingtonpost.com/2013/01/29/consumer-confidence-january_n_2573918.html?utm_hp_ref=business

[JohnnyReb]

Just a little tiny tax increase and the economy/confidence plunges....but according to DUmmiecrats tax increases are supposed to improve the confidence/economy.

DUmmiecrats are so smart.....we're so lucky to have them in charge.