Honk if you’re like me—in the same boat as this guy
But it seems awfully unlikely that the “wealthy” will cooperate with Mr. Obama. They’ve already cut back. And now, his Robin Hood crusade will encourage them to pull back even further.
How do I know? Well, take one random example.
Me.
In recent months, I took my guitar lessons down from two hours a week to one. I axed the daily subscription to the New York Times — it’s free online, after all.
And my wife and I did not see one movie that was nominated for the “best picture” Oscar. A babysitter for a night out in New York runs 75 bucks.
Of course, this is just reflexive “recession” behavior — little adjustments to make me feel better about my pummeling in the stock market.
But going forward, I see little to encourage me to change my behavior and spend or invest more. All I see is uncertainty.
New York State is in dire straits. My real estate taxes have just skyrocketed. The New York legislature is bandying about a “millionaire’s tax” on families that make $250,000 a year. And now there is uncertainty over the interest deductibility on my jumbo mortgage.
obamadj0302_E_20090302145417.jpgAssociated Press
Even though I know perfectly well that the Obama tax hikes don’t kick in until 2011, the prospect of paying more tomorrow shapes my behavior today. That’s a lesson straight from Psych 101.
Another lesson is that words matter. All the ferocious anti-business rhetoric pouring out of Washington is putting me in a deep funk.
So far I’ve lost about 25% on my stock market investments since Obama’s election. Why would I put in any more money when the President and the Congress are at war with Wall Street?
Where would I invest anyway?