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.