“You would think they’d be saying ‘thank you’ … ” [Darleen Click]

Sorry, Barry … but I don't think Americans want to keep saying Thank you, sir, may I have another.

Let's start with taxes. If today's low rates expire at year-end per current law, that would at a stroke reduce after-tax income for every working American, the average reduction being 3.3% according to the Tax Policy Center. Do the math: 94% of income goes to consumption, and consumption is 70% of gross domestic product. All else being equal, if the Bush tax cuts don't get extended, that's a 2.3% hit to 2011 GDP. That means instant double-dip recession, starting at midnight, Dec. 31.

http://proteinwisdom.com/?p=21706

Sent with MobileRSS for iPhone

Sent from my iPhone