For anyone who wonders if the holiday shopping season really matters in the big scheme of things, consider that the leader of the free world mentioned it during his press conference on Wednesday.
President Barack Obama said: “We should not hold the middle class hostage while we debate tax cuts for the wealthy. We should at least do what we agree on, and that’s to keep middle-class taxes low. And I’ll bring everyone in to sign it right away so we can give folks some certainty before the holiday season.”
The National Retail Federation would like the president and Congress to get right on that.
The Washington, D.C., trade group issued a statement this week saying that the uncertainty over the so-called fiscal cliff that could bring tax hikes and spending cuts may affect how much Americans buy for their friends and family.
“Any disruption to consumer confidence and spending during this season could prompt a crisis for retailers and the millions of U.S. jobs the industry supports,” NRF President and CEO Matthew Shay said in his prepared remarks.
He even set an ambitious date for breaking the gridlock. “Rather than setting New Year’s Eve as its deadline, Washington needs to act quickly to set in place a framework for resolving this situation, preferably before Thanksgiving,” Mr. Shay said.
So hurry it up, OK?