The only thing both sides seem to agree on is that the other side is responsible for the first government stoppage in over 17 years.
To paraphrase Stan Lee, with great wealth comes great distrust in the government, according to ongoing wealth level research conducted by Spectrem’s Millionaire Corner.
On day two of the government shutdown, there was no sign of a thaw in what has frozen over into the coldest of partisan wars with finger-pointing being exchanged by the White House and Congress and between the Democrats and the Republicans. The only thing both sides seem to agree on is that the other side is responsible for the first government stoppage in over 17 years.
Concern about the political environment has increased dramatically this year over last, Millionaire Corner research finds. Nearly nine-in-ten Ultra High Net Worth investors with a net worth between $5 million and $24.9 million (not including primary residence) cite the political environment as the primary national issue, compared with 80 percent last year. Similarly, 85 percent of Millionaires rank this atop the list of national concerns, vs. 75 percent in 2012.
More than eight-in-ten of both wealth levels are concerned about government gridlock that finds both sides unable or unwilling to work with each other to resolve any of the issues plaguing the economy and the functioning of government. This does not bode well for the looming debt-ceiling debate which will be taken up in earnest before the middle of the month when the government is forecast to run out of money.
Half of Americans overall (48 percent) blame the partisan gap for gridlock in Congress, according to a Pew Research Center survey released Wednesday. More than one-third attributed the impasse to a few members who refuse to compromise. Not surprisingly, political affiliation was a factor in the responses, with Democrats twice as likely as Republicans (52 percent vs. 25 percent) to blame congressional gridlock on a few members holding things up. Republicans were more likely than Democrats (62 percent vs. 34 percent) to say this gridlock was the result of the growing distance between the parties.
In Millionaire Corner’s most recent monthly survey of Affluent investors, political climate ranked only slightly less than the economy as the most serious threat to achieving their financial goals at this time.
Skepticism that members of Congress can get it together to reach a bipartisan solution is hardly new. Last year, as the clock ticked down on the fiscal cliff deadline, more than half of Affluent investors surveyed by Millionaire Corner said they either “disagree” or “strongly disagree” that Congress would be reach a solution in a timely manner.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.