Edward Conard

Top Ten New York Times Bestselling Author

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  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
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Trumpism is more about culture than economics

AI Summary. Support for right-wing populism is driven more by cultural anti-elitism than economic hardship, as working-class supporters report economic confidence matching national averages while cultural grievances—particularly distrust of media and perceived liberal dominance—are strongest among college-educated supporters.

Ryan Streeter American Enterprise Institute
Date Posted:
November 24, 2020
Is Database:
Database

According to @RyanStreeter, Trumpism is driven more by cultural anti-elitism than by economic populism, as seen in AEI survey results highlighting a cultural divide among Trump supporters.

According to @RyanStreeter, Trumpism is driven more by cultural anti-elitism than by economic populism, as seen in AEI...

Does cultural backlash drive populism more than economic anxiety?

Core argument: 90% of college-educated Trump supporters believe journalists have a political agenda vs. 80% of working-class supporters, demonstrating that cultural grievances about institutional bias drive Trumpism more than economic anxiety.

The AEI survey highlights a cultural rather than economic divide among Trump supporters, with 71% of working-class Americans believing they have achieved or are on their way to achieving the American Dream, aligning with the national average of 70%. Despite narratives of economic frustration, 42% of working-class heartlanders are confident in the economy during the pandemic, compared to 41% of college-educated heartlanders and 38% nationally. Cultural sentiments dominate, as 90% of college-educated Trump supporters believe journalists have a political agenda, compared to 80% of working-class supporters. Additionally, 56% of college-educated Trump supporters perceive liberals as having more cultural influence, versus 33% of the working class. On racial issues, only 33% of college-educated Trump supporters acknowledge discrimination against black Americans, compared to 46% of the working class. This data underscores that Trumpism is driven more by cultural anti-elitism than by economic populism.

Takeaways by Macro Roundup® AI

  1. 90% of college-educated Trump supporters believe journalists have a political agenda vs. 80% of working-class supporters, demonstrating that cultural grievances about institutional bias drive Trumpism more than economic anxiety.
  2. 71% of working-class Americans report achieving or approaching the American Dream, matching the 70% national average, which leads to the conclusion that economic dissatisfaction does not explain Trump support among this demographic.
  3. 56% of college-educated Trump supporters perceive liberals as wielding excessive cultural influence vs. 33% of working-class supporters, indicating that anti-elitism rooted in cultural resentment—not economic hardship—motivates college-educated adherents.

Ryan Streeter, "Trumpism is more about culture than economics," American Enterprise Institute, November 23, 2020, https://www.aei.org/articles/trumpism-is-more-about-culture-than-economics/

Trumpism is more about culture than economics

The question of whether Trumpism will survive a Trump presidency was answered affirmatively after the November 3 election by a number of commentators and politicians, most of whom have been advocating working-class conservatism for a while.

The basic argument is that Trump’s performance with voters without college degrees, together with an increased share of ethnic minorities, proves the GOP should embrace economic populism. This is a classic case of David Hume’s famous “is-ought” problem whereby one easily slides from an observation of what is to prescriptions about what ought to be. Upon inspection, it is hard to find much evidence that a vote for Trump was a vote for economic populism. What does seem clear, rather, is that Trumpism has always been more of a cultural than economic phenomenon.

Scott Lincicome has helpfully catalogued how conservative voters don’t embrace economic nationalism’s protectionist trade and restrictive immigration policies. He also shows how working-class voters have been negatively impacted by Trump’s protectionist actions. This follows Jonah Goldberg’s observation that Trump’s campaign in 2020, like his governing successes since 2016, had virtually nothing to do with economic populism. In fact, one can argue that policies aimed to appeal to the working class, such as wall-building, were largely failures.

If we look a bit deeper at Trumpian populism, it becomes clear it is mostly a bundle of cultural sentiments. It is rooted in anti-elitism, which does not necessarily mean support for industrial policy, protectionism, or restrictive immigration. Large national surveys conducted by the American Enterprise Institute suggest Trump’s supporters are actually quite content with American economic life but highly reactive to elite dominance of American cultural life.

For instance, working-class Americans are more bullish on economic matters than conventional wisdom suggests: 71 percent of them believe they have either achieved the American Dream or are on their way to doing so, in line with the national average of 70 percent. Fifty-nine percent of the working class believe that anyone can start a business in America, compared to the national average of 56 percent. Working-class Americans who live in small towns and rural areas have been more optimistic about the economy during the pandemic than college-educated people in the same areas. Forty-two percent of working-class people in the heartland are confident in the economy during the pandemic versus 41 percent among heartlanders with college degrees and 38 percent nationally. In other words the reality of frustration in the heartland is a bit different than the narrative we hear so much about.

The “anger” that has been endlessly analyzed since 2016 has always been more of a cultural phenomenon than an expression of economic anxiety. Donald Trump antagonized the elite classes of American society from the beginning of his campaign in 2015, and his supporters loved him for it—and no one more than his non-working-class, college-educated supporters. It turns out that Trump voters with a college degree are more anti-elitist and ideological than the working class. Six in 10 Americans think journalists have a political agenda, but this jumps to nine in 10 among Trump supporters with college degrees and eight in 10 working-class Trump supporters. When asked how much influence liberals and conservatives have on American culture, 56 percent of college-educated Trump supporters think liberals have more influence, compared with 33 percent of the Trump working class.

When it comes to political discourse, educated Trump voters are more likely than working-class Trump supporters to view politics as a zero-sum game and to have less tolerance for disagreement with political opponents. Trump supporters with college degrees are also considerably more distrusting of experts than people with college degrees who live in small towns and rural areas, so there really is something about Trumpism that is more powerful than geography and demographics.

On race, 71 percent of the population thinks black Americans suffer discrimination. Given common portrayals of the working class, one shouldn’t be surprised that this drops to 46 percent among the Trump working class. But one might be surprised to know it drops even further to 33 percent among Trump supporters with college degrees.

Trumpism is an anti-leftist, anti-elitist cultural stance. It is not a policy agenda. If Trump had campaigned on eliminating the inheritance tax for the rich while keeping up his anti-elitist bluster, his support would have remained unchanged. The fact that working-class Trump supporters believe in entrepreneurship more than the average American could be just as easily used to suggest that a pro-worker agenda should focus on small business and angel investing rather than industrial policy. Economic populism seems to enjoy more support from highly educated writers, pundits, and politicians than the working class whose interests they claim to defend.

On the state of the American dream“…For instance, working-class Americans are more bullish on economic matters than conventional wisdom suggests: 71 percent of them believe they have either achieved the American Dream or are on their way to doing so, in line with the national average of 70 percent. Fifty-nine percent of the working class believe that anyone can start a business in America, compared to the national average of 56 percent. Working-class Americans who live in small towns and rural areas have been more optimistic about the economy during the pandemic than college-educated people in the same areas. Forty-two percent of working-class people in the heartland are confident in the economy during the pandemic versus 41 percent among heartlanders with college degrees and 38 percent nationally. In other words the reality of frustration in the heartland is a bit different than the narrative we hear so much about…”

On anti-elite anger, “…It turns out that Trump voters with a college degree are more anti-elitist and ideological than the working class. Six in 10 Americans think journalists have a political agenda, but this jumps to nine in 10 among Trump supporters with college degrees and eight in 10 working-class Trump supporters.When asked how much influence liberals and conservatives have on American culture,56 percent of college-educated Trump supporters think liberals have more influence, compared with 33 percent of the Trump working class….”

On race, “…71 percent of the population thinks black Americans suffer discrimination. Given common portrayals of the working class, one shouldn’t be surprised that this drops to46 percent among the Trump working class. But one might be surprised to know it drops even further to 33 percent among Trump supporters with college degrees. …”

Ed Comment:“….Martin sandbu in the Economics of Belonging, argues that culture views are a byproduct of economics, or, at least are highly correlated with them. Certain similar working class demographics across many countries/economies have right wing anti-elite/anti-immigrant/anti-trade/less tolerate of changing attitudes. So I think Streeter is overly dismissive of this linkage. What I find especially interesting about this article is that Trump supporters with college degrees believe more strongly that:“…Six in 10 Americans think journalists have a political agenda, but this jumps to nine in 10 among Trump supporters with college degrees and eight in 10 working-class Trump supporters. When asked how much influence liberals and conservatives have on American culture, 56 percent of college-educated Trump supporters think liberals have more influence, compared with 33 percent of the Trump working class….On race, 71 percent of the population thinks black Americans suffer discrimination. Given common portrayals of the working class, one shouldn’t be surprised that this drops to 46 percent among the Trump working class. But one might be surprised to know it drops even further to 33 percent among Trump supporters with college degrees…” Aren’t conservative college graduates just more clear-eyed about the truth? Journalists do have agendas. College liberalism has more impact on the world of college grads. And racism likely has less impact on the outcomes of blacks than advocate of anti-racism claim. Both Streeter and Sandbu seem biased in over-generalizing about the similarity of beliefs of the coalition of Trump supporters and describing their frustration negatively. Given the truths above, shouldn’t they be frustrated?

  • Politics
Previous articleNovember 23, 2020The Opportunity Costs of SocialismUS individuals with Nordic ancestry earn 30% more than average Americans and 50% more than their Nordic counterparts, highlighting factors beyond public policy that contribute to income disparities.Next articleNovember 25, 2020Predicting United States Policy Outcomes With Random ForestsResearch shows that preferences of top 10% income earners are highly predictive of US policy outcomes, with ~70% accuracy. The 90th income percentile is a proxy for even higher income brackets, with more conservative views on social welfare, taxation & regulation.
Showing 187 database articles primarily about Politics

Who Sees Themselves as Working Class?

AI Summary. 60% of U.S. adults identify as working class, including half of college graduates and upper-income earners, making the label broadly adopted across economic lines rather than confined to lower-income or blue-collar workers.

Steven Shepard, Hannah Hartig, Andy Cerda and Jocelyn Kiley Pew Research Center
Date Posted:
September 1, 2026
Is Database:
Database

60% of Americans say “working class” describes them “extremely” or “very” well. Republicans are more likely than Democrats to identify as working class – strikingly 61% of Republicans who have a family income of at least $155,600 identify as working class, compared to 38% of such Democrats.

Does working class identity reflect actual economic status or cultural values?

Core argument: Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.

Most Americans think of themselves as “working class” today: Overall, 60% of U.S. adults say the term describes them well. And the identity is widely adopted by people across all income and educational groups – including half of both Americans who have a bachelor’s degree and those who are upper-income. Those working in blue-collar occupations are particularly likely to identify as working class (77%), [as are] a majority of those working in other occupations (61%). White adults are more likely than Black adults to identify as working class. About six-in-ten White (62%) and Hispanic adults (59%) overall view themselves as working class, as do roughly half of Black (54%) and Asian adults (52%).

Takeaways by Macro Roundup® AI

  1. Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.
  2. Blue-collar workers identify as working class at the highest rate (77%), yet a majority of workers in other occupations (61%) claim the same identity, indicating occupational type is a weak predictor of class self-perception.
  3. White adults identify as working class at a higher rate (62%) than Black (54%) or Asian adults (52%), with Hispanic adults (59%) closely tracking the White share.

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The Rise of Anger: Emotions and Policy Views

Eva Davoine, Stefanie Stantcheva, Thomas Renault and Yann Algan Harvard University
Date Posted:
August 20, 2026
Is Database:
Database

Davoine, et al. show that angry policy-related tweets among voters rose from 34% to 46% over 2013–2025. Angry posts got ~60% more retweets, and experiments that induced anger showed it can move views on trade, immigration, redistribution and climate.

Figure 6 illustrates the monthly evolution of anger among Democratic- and Republican-affiliated X [Twitter] users. Each line reports the share of sentences classified as expressing anger within each political affiliation, and the plotted series are shown as six-month moving averages. It shows that Republican voters start with a higher baseline level of anger at the beginning of the period (about 38% compared to 27% for Democrats). Anger rises sharply for both groups after the 2016 election, but much more among Democrats. As a result, the initial partisan gap is much smaller by 2019. Both series then plateau from 2019 to 2022. Among Democratic partisans, anger declines slightly after Biden’s election but remains well above pre-2016 levels. Republican anger continues to rise during the Biden presidency, reaching approximately 50% by 2025.

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The DSA Sweet Spot: Highly Educated, Downwardly Mobile

Nate Silver Silver Bulletin
Date Posted:
July 22, 2026
Is Database:
Database
Is Important:
Important

Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000 or less, but responders to a DSA survey were ~ twice as likely to fall into that category.

The US voters most likely to identify as “very liberal” are those with postgraduate degrees but lower-to-middle household incomes of $30K to $60K per year. This is very much also the sweet spot for the DSA. In the DSA’s most recent member survey in 2021, 80% of members aged 25 or older had bachelor’s degrees, but 45% had household incomes below $60,000 per year. This is unusual because education and income are usually substantially positively correlated. In the composite CES data, only 19% of Americans with bachelor’s degrees or higher had household incomes of $60K or below, while respondents to the most recent DSA survey [were twice as likely to fall into this category].

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  • Zero-Sum Thinking and the Roots of US Political Differences — Surveying a large US sample, Chinoy et al built an index of “zero-sum thinking” using four questions as to whether one group’s gains come at others’ expense…
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America’s Support for Capitalism Has Declined Over Last Decade

AI Summary. American confidence in capitalism has fallen from 60% to under 50% over the last decade, while only 12% believe democracy is working well and just 35% believe the economy offers a fair path to prosperity.

Aaron Zitner Wall Street Journal
Date Posted:
July 9, 2026
Is Database:
Database

A new WSJ poll finds only 35% of Americans think the assertion that “if you work hard, you’ll get ahead” still holds. Only 42% of respondents aged 18–34 think capitalism is working very or somewhat well, relative to 56% of those 65 or older.

Is capitalism losing support among Americans?

Core argument: Capitalism approval fell 10 pts to 50% over the past decade, driving erosion in confidence across core American institutions.

Americans are losing confidence in two main pillars of society: capitalism and democracy. Just under half of Americans say capitalism is working very well or even somewhat well, down from 60% who said so about a decade ago, according to a new Wall Street Journal-NORC survey. Only 35% are even fairly sure that the nation offers people the ability to get good jobs and achieve the American dream. Confidence in the nation’s system of government is even lower. Only 12% say democracy is working very well or extremely well, and a mere 16% say average citizens have considerable influence on politics. Two-thirds of Republicans said they were very proud of American history, three times the share of Democrats who said so. And Republicans in the survey stood apart in their belief in American exceptionalism, the long-held idea that the U.S. is unique or superior among nations. Nearly half of Republicans said that America stands above all other countries in the world, compared with only 8% of Democrats and 13% of independents.

Takeaways by Macro Roundup® AI

  1. Capitalism approval fell 10 pts to 50% over the past decade, driving erosion in confidence across core American institutions.
  2. Only 35% believe the U.S. offers pathways to good jobs and economic mobility, down from prior confidence levels, leading to.
  3. Republicans express 3x greater pride in American history than Democrats (67% vs. 22%), with 48% of Republicans believing America surpasses.

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  • Zero-Sum Thinking and the Roots of US Political Differences — Surveying a large US sample, Chinoy et al built an index of “zero-sum thinking” using four questions as to whether one group’s gains come at others’ expense…
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  • Politics

America Used To Be Exceptionally Patriotic. Now We're Below Average

AI Summary. American patriotism, measured by those "extremely proud" to be American, tracks closely with which party controls the presidency, with partisan gaps widening sharply over time. Republican pride swings ~14 points between administrations, while Democratic pride has collapsed from 58% to 14% across the same period.

Eli McKown-Dawson and Nate Silver Silver Bulletin
Date Posted:
July 8, 2026
Is Database:
Database

Gallup finds only 17% of Democrats are “extremely proud” to be an American, versus 30% of independents and 74% of Republicans – notable declines from 2005–2009, when 58% of Democrats/independents and 79% of Republicans were “extremely proud” to be an American.

Is American patriotism becoming a partisan identity rather than national sentiment?

Core argument: Democratic extreme pride fell 75% from 58% (2004–2008) to 14%, driving a 44-pt partisan gap vs. Republicans’ 74%, the widest.

During George W. Bush’s second term, an average of 58% of Democrats were extremely proud to be American according to Gallup, as was an identical share of independents — though Republicans were higher. The rough parity between Democrats and independents lasted through Barack Obama’s second term, but the share of extremely proud Democrats fell to an average of 30% during Trump’s first term and was just 14% in the most recent Gallup poll. Although Republicans are generally more patriotic, their opinions can shift based on who occupies 1600 Pennsylvania Avenue too. The share of Republicans extremely proud to be American fell from 79% on average during Bush’s second term to 60% during Biden’s term. What happened after Trump retook office? It jumped right back up to 74%.

Takeaways by Macro Roundup® AI

  1. Democratic extreme pride fell 75% from 58% (2004–2008) to 14%, driving a 44-pt partisan gap vs. Republicans’ 74%, the widest.
  2. Republican extreme pride dropped 24 pts from 79% under Bush to 60% under Biden, then rebounded 14 pts to 74%.
  3. Independents’ extreme pride collapsed from 58% parity with Democrats in 2008 to unmeasured levels, indicating depolarization of patriotic expression across.

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  • A Note on Factors Influencing Trust in Government — A Pew study finds that only 15% of Americans trust the Federal government to do what is right “most of the time,” down from ~75% in 1960. A secular drop…
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Texas Is Becoming America Inc’s Centre Of Gravity

AI Summary. Texas leads all U.S. states in business investment and population growth, creating roughly 20% of net new jobs nationally from 2020 to 2025, and is on track to surpass California as the largest U.S. economy.

Economist Staff The Economist
Date Posted:
June 2, 2026
Is Database:
Database

According to CBRE, at least 184 American firms, including Tesla and Caterpillar, moved their headquarters to Austin, Dallas or Houston btw 2020 and 2025. During that period, Texas drove ~20% of all net job creation in the US.

Is Texas replacing California as America's economic powerhouse?

Core argument: Texas created ~20% of all net new U.S. jobs from 2020–2025, driving its emergence as the nation’s primary business investment.

On May 27th the shareholders of ExxonMobil approved a plan to cut its ties with New Jersey and reincorporate in Texas, where it has long had its headquarters. The oil giant is not alone. Texas is steadily establishing itself as America Inc’s new centre of gravity. No state receives more business investment or is adding more people to its population. From 2020 to 2025 it created roughly a fifth of all net new jobs in the country. It is only a matter of time before Texas overtakes California as the largest economy in America. Texas’s success should worry those in New York and California monitoring their tax take. At the same time it has spawned a raft of imitators. Legislators in North Carolina have passed a plan to get rid of its corporate-income tax by 2030. Tennessee has copied Texas’s strategy of offering firms shovel-ready mega-sites. Nevada is trying to launch its own business court.

Takeaways by Macro Roundup® AI

  1. Texas created ~20% of all net new U.S. jobs from 2020–2025, driving its emergence as the nation’s primary business investment.
  2. ExxonMobil’s reincorporation in Texas signals a broader corporate migration that leads to revenue losses for high-tax states like California and.
  3. Texas’s economic dominance positions it to surpass California’s GDP, prompting competitive tax and regulatory reforms across North Carolina, Tennessee, and.

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