Would you like to know why the US economy is about to take a nosedive yet again? It’s because people will have less to spend. A *lot* less.
Check out MyTaxBurden.org. Plug in fictitious numbers if you want. Then press the “Calculate” button and see how much more in taxes you’re about to spend next year when the Bush tax cuts expire.
People have less to spend, so they spend less. Rocket science.