How to Prepare for Recession 2013

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Restoration of the payroll tax and higher gas prices have put the squeeze on consumers, prompting nearly half of Americans to cut spending.

Is the combination of higher taxes and higher gas prices enough to bring on a recession in 2013?

Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared Friday on FOX Business Network's "Varney & Co." to talk about the potential for an economic slowdown.

Host Stuart Varney asked Fitz-Gerald, "We've got high gas prices, and we've got higher taxes for everybody starting Jan. 1, how much does that slow us down? Is it enough to create a recession in America?"

Watch the video to hear Fitz-Gerald's answer, and his take on what's ahead for the economy, markets – and your money. He outlines the sectors and industries that are best for your money as we face the threat of recession 2013.

Join the conversation. Click here to jump to comments…

  1. H. Craig Bradley | February 22, 2013

    PRESIDENT A ROBO-LOGUE, " THEY" SAY

    Even a 3% reduction in the growth of Federal Spending is way better than absolute Zero (nothing at ALL) !

    Blackmail is a political reality. Like the Mafia, every American must pay his "Pizo Money" by April 15th to stay in the game. I happen to agree with Keith that President Obama is in fact, "delusional". Actually, he is an ideologue on autopilot. Unfortunately, he is still The President for four more years. So, delusional or sane, we are still stuck with his policies and way of doing "business" ("investments"). Tough Tacos, as they say.

    Instead of complaining and armchairing, we need real people in office with viable alternatives who can communicate and sell their proposals to a wider, mainstream audience. So far, no such candidate exists. Until it does, we will suffer the consequences individually and collectively. Its "just deserts", as "they" say.

  2. H. Craig Bradley | February 22, 2013

    Sorry, extortion money paid by individuals and business to the Mafia is called Pizzo or pizzu ('beak') in Italian. We pay our politicans the equivalent annually or even quarterly.

  3. robert | February 24, 2013

    Faux news is delusional as usual.
    3% is something to many people in the USA, as the decrease in Walmart shopping due to the return of full deductions from pay has already shown.

  4. Robert sands | February 27, 2013

    Concrete needs and immediate gratificatin will always trump abstract assertions regarding future consequences. The protection against this human core trait has been breached. Sheep to the slaughter led by a supposed smart man. So much for iq

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