Checking In with the Investor Class

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But while Ewing cheerfully concedes that he has benefited hugely from the Bush tax cuts—"I hope nobody messes with the capital-gains rates," he says—and he hasn't ruled out McCain entirely, his vote will probably go to a Democrat.

Ewing, who went for Kerry in 2004, currently is torn between Clinton and Obama. With a 16-year-old daughter racking up straight As, Ewing's biggest financial worry is the cost of college. "My No. 1, No. 2, and No. 3 priorities right now are putting enough away for education," he says. The Oberlin College graduate laments that it costs around $45,000 a year to attend a top school today, four times as much as when he was a student, and that only limited financial aid exists for upper-middle-class families like his. He lauds Clinton for being the first of the main candidates to come out with tangible plans to help (she supports a $3,500 tuition tax credit). "She seems to be talking more about programs that would help people like myself," he says. But he also thinks the government needs to do more to improve access to health care. On that, he prefers Obama's less heavy-handed approach. And although he likes McCain, Ewing worries he'd continue pouring too much into Iraq. "We can't do everything; we're spending $300 billion a year on a war with little to show for it," he says. "The Democrats' priorities are more in line with mine."

Spending is a big issue, too, for Pat Consolmagno, an 86-year-old retiree in Englewood, Fla., who voted for Bush in the last election. She and her 89-year-old husband, Joe, live off the roughly $80,000 a year they get from earnings on their mutual funds and savings, Social Security, and a Chrysler pension. So far their dividends have remained steady despite a 10% drop in their stock portfolio, but they know that may not last. And with prices up on everything from food to gas, she's budgeting more. "We're concerned about what's going on, but if we don't have the money, we won't spend it," she says, adding that they will watch their credit-card bills and put off major repairs if their income falls.

The Consolmagnos' fiscal prudence also extends to the home they've owned for over 30 years. Its value has more than tripled—but despite repeated offers from mortgage brokers, they never pulled equity out. Nearby, however, the mortgage crisis is in full swing, with many houses for rent or in foreclosure. Pat, a Depression-era child who has always lived a "very modest life," doesn't understand how so many have gotten into such a situation. "If you've only got so much and you buy a house for a ridiculous amount, how do you think it's going to add up?" she asks. She doesn't agree with proposals from the Presidential candidates or others to bail out struggling homeowners. "Frankly, I don't think taxpayers have any obligation to help them out," she says.

CONSERVATIVE SENIORS

With views such as those, it's little surprise that Consolmagno, like the largest share of senior investors, leans toward the GOP. Seniors without money in the market skew much more heavily Democratic. Consolmagno is not interested in a host of government programs to resolve current travails in the economy, health care, or elsewhere. "You're up a creek if you depend on the government to take care of everything," she says. And this year she backs McCain, both for his fiscal conservatism and for her sense that when he takes a stand, he sticks with it. "I've never before been convinced of a candidate so early; I really do like McCain," she says. "I don't expect him to work miracles on the economy or other issues, but I do have faith in his judgment."

In his Manhattan apartment 1,200 miles to the north, Scott Berrie is an entirely different sort of investor-class voter. He represents upscale urban investors—a highly educated, high-income group of social liberals. They tend to lean Democratic in higher numbers than other investors, and Berrie is no exception: He supported Kerry in the last election. An entrepreneur who sold his eyewear business last July, he's doing well financially; while his current portfolio is off some 5% to 10%, he figures he'll find good buys in the market when he receives the final proceeds from the sale soon. As he considers his next move, one big concern is that a recession could make it harder for a new venture to attract financing or get off the ground. "I'm an entrepreneur: I worry about fewer dollars being available for investment, as well as the number of dollars going out rather than coming in."

He's also impatient for what he considers the disastrous Bush Administration to end. The next President, he believes, will face a tough job revitalizing the economy and restoring America's standing in the world. "It's like when you've been in a terrible wreck, and you're waiting for the healing to start," he says. As for the candidate best placed to tackle those challenges? For Berrie, it's Clinton all the way. "I'd like to see Obama as President some day, but I think Hillary has more skill and experience at navigating the difficult aspects of government," he says. "Right now, she would be better."

Sasseen is Washington bureau chief for BusinessWeek.