Wednesday, March 16, 2011

Clouds Are Distinct For Each Socioeconomic Group

Good thing these guys are getting tax breaks, that's all I can say. I'm sure they will be investing in creating jobs and stimulating the economy and all that other good stuff that is the rationale for continuing the Bush tax breaks.

But...wait...the tax breaks have been in effect for...about 8 years...and...there are no that breaks don't create jobs? All of these guys saying we need tax breaks to create jobs are wrong? Rich people don't invest all their money in creating jobs?

If you read this excerpt, it explains this perfectly. There is a "cloud of caution" over the millionaires. They are still worried things may not turn around, so the money is staying under the mattress now, and it's funny but it looks to me as if that's where the money has been for the last decade as well so it's nothing new.

I actually see this "cloud of caution" myself, but on most days it's obscured by the "cloud of holy shit the whole world is falling apart" that I see right in front of it.

What recession? The millionaire population jumped in the U.S. by 8% last year, fueled by the stock market recovery, according to an industry report on Wednesday.

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 million the prior year, according to a report by Spectrem Group.

"The affluent market grew in 2010 due primarily to the stock market rebound, but despite their growing portfolios, attitudes remain significantly different than in 2007," the report said.

"The size of the affluent market increased in 2010 but did not reach the highs obtained in 2007," the year that the recession began, according to the report.

Last year marked the second consecutive year of increases, the group said, following a 16% surge in the millionaire population in 2009.

"The millionaire comeback continues," said George H. Walper Jr., president of Spectrem Group.

But he added that many millionaires are still operating under a cloud of caution.

"While investors are feeling positive about their own portfolios, they are not convinced that the economy has recovered," said Walper. "Our ongoing polling and research indicates that investors remain unconvinced that we are back on solid ground."

[CNN Money]

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