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More pay has led to greater spending. On Friday, the government said consumer spending rose from January through March at the fastest pace in more than two years. Economists say the Social Security tax increase may slow consumer spending and economic growth in the April-June quarter. Other trends, though, may counter the impact of the taxes this year. Consumers have cut their debts. And rising home values and stock prices have increased household wealth. The recovery in the housing market appears sustainable and is expected to gain momentum this year. In addition, gasoline has become cheaper. The national average price for a gallon of gas has fallen 29 cents since Feb. 27 to $3.50. A decline in gas prices leaves consumers with more money to spend on other things.
[Associated
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