Concerns about the political environment and political gridlock trump such economic issues as tax increases, terrorism and the national debt, Affluent investors indicate.
Recent news stories about the political environment are most affecting Affluent investors' economic outlook. according to a new Spectrem Group survey.
The political environment and political gridlock trump such economic issues as tax increases, terrorism and the national debt, according to Spectrem wealth level research. So it is not surprising that they would be most focused on stories concerning ongoing clashes between the White House and Congress. And it’s not always partisan politics. In May, for example, President Obama was pitted against members of his own party over his free trade initiative, a measure that would give the President the power to submit trade deals to Congress for a yes or no vote with limited debate and no amendments.
But partisanship flared up in the aftermath of the Amtrak train crash that left eight dead and more than 200 injured. House Speaker John Boehner railed against a reporter’s “stupid question” about whether the fatal crash was caused by a lack of federal funds on the day after the Republican-run House Appropriations Committee voted to cut Amtrak’s budget for next year and voted down a Democratic effort to get more federal funds for the railroad.
International news is also uppermost on Affluent investors’ minds, as are news stories about unemployment, the Spectrem survey found. International news in May was dominated by continued stalemate in Greece’s push for bailout extensions that would help it to avoid default. On a more positive note, the news on unemployment in May was, as initial claims for unemployment dropped to a 15-year low in May and the unemployment rate fell to 5.4 percent, the lowest since May 2008.
Concerns over terrorism were heightened in May as ISIS continued its incursions in the Middle East. For the first time, the group claimed an attack on U.S. soil following a shooting in Dallas early in the month outside a controversial cartoon competition that lampooned the Prophet Muhammad.
Survey respondents also indicated that their current economic outlook is being impacted to a lesser extent by news stories the economy, stock market conditions and oil prices.
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.