Americans may be paying off more of their debt and saving more, but almost three-quarters plan to spend at least some of the Social Security tax cut they expect to receive, according to the monthly RBC Consumer Outlook Index, which was released on Thursday.
This is good news for consumer spending in 2011, which many on Wall Street expect to lag, dragging down GDP. In fact, 42% say they plan to spend all or most of the one-year Social Security payroll-tax reduction that became effective January 1, 2011, while only 26% said they plan to save all of the tax cut.
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