Isn't This Rich? Wealthy Boost Economy
By Jon E. Hilsenrath
New York -- William Benbassat recently walked into Gearys of Beverly Hills, planning to buy a Rolex watch. Instead, the Los Angeles businessman bought two, one gold and one platinum, spending $50,000. Mr. Benbassat is also in the market for LeRoy Neiman paintings and is planning to take a luxury cruise to New England.
"My spending is up quite a bit," says Mr. Benbassat, founder and chief executive of Reliable Health Care Services Inc., an outplacement firm [!]. That's a recent change in attitude, he says, and "I feel good about it."
It would also please some economists, who believe that spending by affluent consumers such as Mr. Benbassat -- who have benefited more than others from this year's tax cuts, a resurgent stock market, and a springtime home-refinancing boom -- is playing an important and overlooked role in the economy's rising fortunes....
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