I agree with the PM's not doing much until the fiscal cliff issue is "solved."
I also think that money has been in hiding hoping Romney would win. Now that Obama is in, I look for everyone to realize that the "rules" (taxes, healthcare, etc.) are now set for the next four years, and the money will start to flow.
Americans are very creative, and can make money with a constant set of rules. The big fear over the last few years has been that money would be invested for projects and businesses, then Romney comes in and the rules of the game change (which would make companies/businesses that were viable under one set of rules nonprofitable under the new set).
So I don't think this:
in the corporate tax code you'll see aggregate demand take a hit.
Is that big of a deal.
My guess is that a big deal will be made over a few percentage point of a tax increase, which really doesn't amount to all that much, and the media and politicians claim a big success.