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Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

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I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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Political Climate Most Affects Affluent Economic Outlook

More than eight-in-ten Millionaires cite the political environment and government gridlock as their primary national concerns.

| BY Donald Liebenson

Meet the new Congress; same as the old Congress?

Hopefully not, according to Spectrem’s Millionaire Corner survey of Affluent households. More than eight-in-ten Millionaires cite the political environment (84 percent) and government gridlock (85 percent) as their primary national concerns. The weeks following the midterm elections on Nov. 4 have borne this out.

President Obama’s recent executive action regarding immigration reform effectively ended the short-lived kumbaya moment between the administration and Congressional leadership following the elections, which saw the Republicans gain control of the Senate and the House for the first time in eight years.

At that time, the President said he was “eager to work with the new Congress to make the next two years as productive as possible… We can surely find ways to work together. It’s time for us to take care of business.” For his part, Mitch McConnell, who will become the Senate Majority Leader, said in a separate press conference that the Senate would “work together” with the president on issues on which there is agreement and that a two-party political system did not mean “we have to live in perpetual conflict.”

But that conflict was rekindled on Nov. 21 when the President signed his executive order. Republican leadership immediately condemned the action. by "All year long I have warned the president that by taking unilateral action on matters such as his healthcare law or by threatening action repeatedly on immigration, he was making it impossible to build the trust necessary to work together," House Majority Leader John Boehner said.

So it is not surprising that when asked in November what is the story in the news most affecting their economic outlook, the highest percentage of affluent respondents said,”the political environment.” The percentage was slightly higher among Millionaire respondents (37 percent).

This response is the highest received to this question since a November 2012 Millionaire Corner survey, when the president and Congress collided over the fiscal cliff. At that time, half of Affluent investors said that the political environment was the news story most affecting their economic outlook.

Other news stories affecting the economic outlook of affluent investors include international problems (10 percent), stock market conditions (8 percent), unemployment (6 percent) and health care and the economy (2 percent each).

About the Author

Donald Liebenson

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.