Lifestyles of the Rich and Famous

LIFESTYLES OF THE RICH AND FAMOUS….From the Wall Street Journal’s Real Time Economics blog:

Nearly 80% of affluent Americans believe a recession has already hit the U.S., and optimism about the U.S. is at a record low among the well-to-do, according to the Annual Survey of Affluence and Wealth in America by American Express Publishing Corp. and Harrison Group.

….Survey respondents, who have an average discretionary income of $342,000, aren’t highly sensitive to recent economic shocks, but the poll found that they are still the same “emotional recession.” As a result they are cutting debt, saving more and scrutinizing spending.

….Six in 10 respondents believe there can be no rebound without a new president. John McCain leads the current field of candidates among the affluent with 37% support, followed Barack Obama at 20% and Hillary Clinton at 15%.

Hmmm. So even among the well-to-do, support is split pretty evenly between the Republican candidate and the Democratic candidates. I guess McCain’s promise to cut taxes on the wealthy by $5 trillion wasn’t quite enough.

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