It's my misfortune (and I mean that quite seriously) to number among my acquaintances a few super-rich nuisances. They are VERY happy with the economy these last several years. I think the cut in the capital-gains tax was the best thing that ever happened to them, including being born.
I have the same thing here in Lexington [I was at a friend's this afternoon who has 19 Lamborghinis and Maseratis in one of his unused horse barns [that's mahogany and cherry horse barn]. He was trying to figure out where to park the new 365 GTB/4 Daytona. I had a suggestion, he didn't like it. By the way, my ass doesn't fit comfortably at all in that car. So sad.
There is a strata of folks who always think the economy is doing well. They always will. That is fine. One thing that I found a month or so ago that put things in perspective, however.
I found this little chart deep within the Federal Reserve website. It tells the percentage of folks who have "investable" money. It breaks folks down as "emerging affluent" or those who have $250,000 or more to invest. That includes your 401K, stocks, bonds, everything but your real estate [which is usually loaded up]. Here is the little chart of percentages for 2005 [last year available].
Now if you are in the "emerging affluent", those folks with $250K and up in this country you are pretty set and most of the agita that occurs in the economy is less of an impact. I would think that if you are right on the border this month might be a bit nervie as you slide down from the "EA" status.
If you are in the other 83% of the country, this economy might just be a bit of a hassle when things get rough. Remember, this is circa 2005 so some of the ripples may have shifted the pie a bit.