Here's that figure:
- Allowing the middle-class tax rates to rise and failing to patch the Alternative Minimum Tax (AMT) could cut the growth of real consumer spending by 1.7 percentage points in 2013. This sharp rise in middle-class taxes and the resulting decline in consumption could slow the growth of real GDP by 1.4 percentage points, which is consistent with recently published estimates from the Congressional Budget Office.
- Faced with these tax hikes, the CEA estimates that consumers could spend nearly $200 billion less than they otherwise would have in 2013 just because of higher taxes. This reduction of $200 billion is approximately four times the total amount that 226 million shoppers spent on Black Friday weekend last year. As Figure 5 shows, this $200 billion reduction would likely be spread across all areas of consumer spending.
This reduction of $200 billion is approximately four times larger than the total amount that 226 million shoppers spent on Black Friday weekend last year, or roughly the amount American families spent on all the new cars and trucks sold in the U.S. in the last year.The report also provides the reminder that the holiday shopping season accounts for about one-fifth of total retail sales, and that consumer confidence—and spending—tracks to consumer confidence which also tracks to whether or not Republicans are taking the economy hostage. Their example: "in the midst of the debate over the debt ceiling last year, sentiment plunged to its lowest level since the end of the recession."
Your real War on Christmas, then, is being waged by Republicans.