Another post I wanted to share with you is this one at Full Stack Economics by Alan Cole. In it he lays out the case that the Democratic Party is now the “party of the rich”:
The growth of the high-income Democratic faction can’t be perfectly measured—there is no database that exactly matches voters and their incomes—but there are plenty of ways to see the trend indirectly.
For example, a Wall Street Journal analysis observed the changing patterns of presidential voting in the 100 richest U.S. counties. The Democratic share rises over time. Walter Mondale carried just 7 of them in his 1984 landslide loss. In his 1992 victory, Bill Clinton carried just 36 of the 100. Joe Biden carried 57 of them in 2020.
One of those 57 counties was Bergen County, New Jersey, just west of New York City. The northern parts of Bergen County are in New Jersey’s 5th Congressional District—Josh Gottheimer’s district.
Political scientists sometimes look at a second demographic dimension, education, to get a more nuanced picture of the electorate. A 2019 study of realignment from Herbert Kitschelt and Philipp Rehm divides voters into four permutations of education and income levels:
I don’t think that’s completely accurate or, at least, it’s accurate but incomplete. I think that both parties are the “party of the rich”. You only need look at donor rolls to see the truth of that.
However, I think that the Democratic Party is the party of “intellectuals” to use the Austrian economist Joseph Schumpeter’s phrase. To get some idea of what is meant by this you might want to take a look at this old post of mine in which I quote a lengthy passage from Dr. Schumpeter’s most famous work, “Capitalism, Socialism, and Democracy”. The TL;DR of this is that there’s a distinct social class of highly educated and, generally, well-compensated individuals who will inevitably undermine both capitalism and democracy.
The problems I have with all of this is that most of these “intellectuals” are complete strangers to primary and secondary production and see their own area, tertiary production which is mostly consumption, as actually being production. They’re actually a pretty small minority in the society but they’re pushing the society in a way that benefits them and actually hurts most of the people in the society.
They’re very well-intentioned.