The Wall Street Journal

21 February 2013

Many retailers, restaurants and consumer products companies are lowering forecasts and adjusting marketing strategies out of fear that restoring the payroll tax will cut consumer spending. But in a Wall Street Journal article, Kurt Salmon retail strategist Todd Hooper said the impact of the payroll tax may be short-lived. “People are used to this variation in discretionary spending,” he said. “As they start to accept it as the new normal, they’ll go back to their normal spending patterns.”

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