Those that benefited the most from Bush’s tax policy are now having second thoughts…
Affluent growing more concerned about nation’s economy – Apr. 25, 2005
Rich folks feel less secure
Survey: Most affluent believe there’s a real estate bubble; sharp drop in those seeing stock gains.
April 25, 2005: 10:57 AM EDT
NEW YORK (CNN/Money) – A survey finds affluent Americans growing more concerned about the state of the economy.
There has been a sharp drop among those surveyed who expect further gains for the S&P 500, and a majority now believe there is a bubble in housing prices. A growing concern about the federal budget deficit now has a strong majority preferring deficit reduction to further tax cuts.
The quarterly survey also found the economy was cited as being on par with terrorism as a national concern for the first time in six quarters.
The survey was conducted by McDonald Financial Group of 400 affluent Americans with investable assets of $500,000 or more, and/or personal annual income of $150,000 or more. The late March/early April survey found that its overall consumer confidence index fell to 50, down 5 points, or 10 percent, from the 55 reading in early January.
The survey found growing concern about the federal budget deficit, with 85 percent of respondents viewing the deficit as a problem and 57 percent seeing it as a “very serious” problem. In fact, by better than a two to one margin the affluent Americans surveyed said they would prefer deficit reduction measures instead of tax cuts.