Scary Election Leads to Less Spending

Alden Wicker

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!

Image credit: Flickr/rwkvisual

  • Eleanor

    Most people today do not have investments or huge savings accounts like the fat cats in Washington, Including the prez.,We will be the ones hit hardest with this fiscal cliff.  Thie could possibly have been avoided if people had listened to some financial experts.   Have to ride it out.  Just don’t want to see people losing totally everything, and lice like a third world country.  Having lived through the long recovery of the great depression and WW2–I don’t want to have that again.  It would be catastrophic today after having everything we need and/or want.  Live payday to payday, have good jobs,etc.  Like I said,  it will be AWFUL!!!