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Current DateTime: 11:30:01 01 Mar 2011LinksList Documentid: 38910464Expiration DateTime: 3/1/2011 11:33:44 AM
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Current DateTime: 11:30:01 01 Mar 2011LinksList Documentid: 39085620FacebookTwitterRSSCurrent DateTime: 11:30:01 01 Mar 2011LinksList Documentid: 38852222John Carney
Runs this joint.
Cadie Thompson
Really, really runs this joint.
Ash Bennington
NetNet Special Reporter
Kate Kelly
Reports on the major Wall Street firms, trading, and regulation.
Jeff Cox
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
Lori Spechler
A Senior Editor at CNBC, commodity trader in a former life.
Lori Ann LaRocco
A Senior Talent Producer at CNBC.
Nicole Lapin
Runs the graveyard.
Current DateTime: 11:30:01 01 Mar 2011LinksList Documentid: 38910635Expiration DateTime: 3/1/2011 11:33:35 AM
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setDefault('cnbc_textbody');Why the Tax Cut Didn't Stimulate More Spending Published:
Monday, 28 Feb 2011 | 1:54 PM ET Text Size By: John CarneySenior Editor, CNBC.com
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Consumers increased spending 0.2 percent in January, despite a cut in Social Security taxes that grew personal income by a full percentage point.
You'll hear lots of theories about why consumers didn't spend more of the increased income. But don't read too much into the news.
A big boost in spending was simply never in the cards. I pointed this out back in Decem
Really, really runs this joint.
NetNet Special Reporter
Reports on the major Wall Street firms, trading, and regulation.
A staff writer with CNBC.com, covering the gamut of issues affecting the stock market and the economy.
A Senior Editor at CNBC, commodity trader in a former life.
A Senior Talent Producer at CNBC.
Runs the graveyard.
Stay up to date with NetNet.
Consumers increased spending 0.2 percent in January, despite a cut in Social Security taxes that grew personal income by a full percentage point.
You'll hear lots of theories about why consumers didn't spend more of the increased income. But don't read too much into the news.
A big boost in spending was simply never in the cards. I pointed this out back in December, after Deutsche Bank's economists argued that the tax cut would result in over a $100 billion in additional spending.
What's more, the form that this particular tax cut took guaranteed meager results. Spending increases more when people receive large rebate checks than when they see a small raise in their paychecks.
Some economists, including those guys at Deutsche Bank, are no doubt surprised by today's news. They shouldn't be.
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