Here’s more proof that pessimism is bad for the economy:
40% of Americans are spending less out of fear of the election results, according to a survey by personal loan provider NetCredit. Only 5% of respondents in the 1,000-person survey said they thought their finances would improve after the election.
Their concerns mainly center around taxes–half of those surveyed said they thought their taxes would go up after the election. The Huffington Post reports that this could be a reasonable fear, as the temporary payroll tax cut could expire next year, raising the tax bill of someone earning $50,000 a year by $1,000. Neither presidential candidate has discussed extending it.
Financial issues are always a key concern during a bad economy, and especially this year. In a recent Gallup poll, voters cited jobs, the economy, the deficit and healthcare as their top issues in this election. Women also cited abortion and equal rights/pay/opportunity as things they care about.
Want to take a bet on how the election will affect your wallet? Get acquainted with Obama and Romney’s stances on the biggest financial issues in our rundown.
We at least hope this means Americans are finally giving their emergency funds the love they deserve!
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