Investors did not approve of a change in a Congressman's term from two years to four years to cut down on re-election concerns.
The cry is heard among affluent investors to change the way politics are conducted in the United States.
Prior to Tuesday’s midterm elections, Millionaire Corner surveyed more than 1,300 affluent investors on issues related to the political process. They were asked whether specific steps would “improve Congress’ approval rating.”
The steps suggested were “change the term of the House of Representatives to four years”, “have political ads be fact-based rather than attack based”, “limit the time campaigning can occur” and “put a limit on political spending”.
The investors were then asked to place their belief in the positive effect of each change on a scale between ‘0’ and ‘100’, where ‘0’ would not improve Congress’ approval rating and ‘100’’ would make Congress look better to the electorate.
Three of the four suggestions received overwhelming approval.
“Have political ads that are fact-based rather than attack-based” got an 81.31 overall rating, and some investor segments were even more adamant about that move. Retired investors put it at 83.4, Business Owners rated that move at 85.95, and independents had it at 83.86. Republicans were less offended by attack ads than Democrats, with Republicans rating that move at 79.36 and Democrats placing it at 81.71.
Younger investors were less affected by attack ads than older ones.
“Put a limit on political spending to help decrease the need for a candidate to be wealthy to run for office” came in with an 80.06 overall rating, a significant indication that the majority of investors consider that to be a good idea. Female investors were greatly in favor, rating it at 83.55. Democrats were all in favor of that idea, with an 86.48 rating, while Republicans were less approving, with a 73.18 rating.
“Limit the time campaigns can take place, such as 90 days prior to the election” got an overall rating of 77.90, still well above the midpoint. Retired investors liked the idea, with an 80.64 rating, but young investors did not consider that sort of limit important, putting it at 71.57 for investors under the age of 49 and 69.52 for investors between the ages of 41-50.
The only suggestion that did not reach the midpoint overall was “Change the term of the House of Representatives to every four years so they don’t have to worry about re-election every two years.” The overall rating was 48.95, and was as low as 41.44 for investors under 40 years of age.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.