Edward Conard

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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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Democrats Hispanic Problem: The Sequel

Ruy Teixeira The Liberal Patriot
Date Posted:
November 18, 2022
Is Database:
Database

Democrats carried Hispanic men by only 6pp in 2022, relative to prior midterm elections. They are down 20pp with Hispanics overall.

In 2022, Democrats' support among Hispanic men dropped significantly, with a narrow 6-point lead (51-45) compared to previous years. This decline is part of a broader trend, with Democratic support among Hispanic working-class voters falling by 20 points since 2018, more than double the 9-point decline among Hispanic college voters. Nationwide, Democrats' margin among Hispanics decreased by 12 points from 2020 and 18 points from 2018. In key states like Florida and Texas, Republicans made substantial gains, with DeSantis winning the Hispanic vote by 13 points and Republicans securing 43% of the Hispanic House vote in Texas. These trends highlight a growing challenge for Democrats, as their advantage among the nonwhite working class has diminished by 14 points between 2020 and 2022, and by 33 points since 2012, indicating a critical issue that remains unresolved.

“…Democrats appeared to have done particularly poorly among Hispanic men in 2022. In the VoteCast data, Democrats carried this group by a scant 6 points (51-45). Compared to 2018, Democratic Hispanic working-class support is down 20 margin points, more than double the decline among Hispanic college voters (9 points). AP VoteCast estimates the decline in Democrats’ advantage among the nonwhite working class as 14 points between 2020 and 2022, 23 points between 2018 and 2022, and (splicing in some Catalist data, which overlap pretty well with VoteCast data where they overlap) an astonishing 33 point drop between 2012 and 2022….”

Ruy Teixeira, "Democrats’ Hispanic Problem: The Sequel,"The Liberal Patriot, November 17, 2022, https://theliberalpatriot.substack.com/p/democrats-hispanic-problem-the-sequel

Democrats’ Hispanic Problem: The Sequel

Democrats are feeling pretty good about themselves these days after a 2022 election that went way, way better than they (and most observers) thought it would. Those on the Democratic left, in particular, are congratulating themselves that they were right about…well, everything. Ezra Levin, who co-founded the activist progressive group, Indivisible said: "The great thing about having your strategy being proven correct is that you don’t have to rethink your strategy…We would have, if the red wave materialized. But it didn’t have the potency that we thought."

God forbid anyone should do any rethinking. That would never do.

The fact remains, however, that while they held the Senate (and may possibly pick up a seat), they lost the House, as well as the nationwide popular vote by 3-4 points. That’s a swing of 7-8 points toward the Republicans compared to Biden’s 4 point national advantage in 2020. The Senate map for the Democrats in 2024 looks absolutely terrifying: Democrats will have to hold seats in a wide range of red and purple states—Arizona, Maine, Michigan, Minnesota, Montana, Nevada, Ohio, Pennsylvania, Virginia, Wisconsin and West Virginia. The Republican seats that will be up are all in solid GOP states, with the possible exceptions of Texas and Florida (and we saw what just happened there). Plus there’s no guarantee that the 2024 Democratic nominee—likely Biden—will get to run again against the Democrats’ preferred opponent, Trump. It could be someone much tougher to take down.

In light of this, it’s worth considering the possibility that Democrats did not, in fact, fix all their problems in 2022 and that some of these may be lurking beneath the surface to undermine their chances—perhaps fatally—in 2024. One such problem is the Democrats’ Hispanic voter problem. In 2020, Democrats’ advantage among Hispanic voters declined nationwide by 16 points relative to 2016. Democrats had hoped to stop the bleeding in 2022. Did they?

It does not appear so. Prior to the election, the AEI demographics tracker, which averages poll subgroup results, found the Democratic Congressional margin among Hispanic voters consistently 7-9 points below its 2020 level and 17-19 points below its 2018 level. Results from AP/NORC VoteCast indicate that the drop in the 2022 election was actually larger than that foreshadowed by the pre-election data. These data show Democrats carrying Hispanics nationwide by just 56-39 in 2022, a 12 point decline in margin relative to 2020 (18 points relative to 2018). For what it’s worth, the less-reliable network exit polls, show an identical decline in Hispanic support between 2020 and 2022.

Digging more into the available data, some other troubling signs can be discerned beneath this broad national trend (all data from VoteCast except election returns).

1. Democrats appeared to have done particularly poorly among Hispanic men in 2022. In the VoteCast data, Democrats carried this group by a scant 6 points (51-45).

2. Democrats did worse among Hispanic working class (noncollege) voters than college voters. They carried Hispanic working class voters by just 15 points, compared to 21 points among their college-educated counterparts. Compared to 2018, Democratic Hispanic working class support is down 20 margin points, more than double the decline among Hispanic college voters (9 points).

3. With a few exceptions like Nevada, Democratic decline in Hispanic support can be seen across states. The most striking example of this is in Florida where DeSantis carried the Hispanic vote by 13 points, a 22 point swing from Biden’s 9 point margin among this group in 2020. He carried heavily Hispanic Miami-Dade county, historically the Democrats’ firewall, by 11 points. He carried Osceola County by almost 7 points—a county where Puerto Ricans, among the most Democratic of Hispanic subgroups, loom large. Shockingly, statewide DeSantis actually split the Puerto Rican vote 50-50 with Democrat Charlie Crist.

4. Democrat Val Demings also lost the Hispanic vote in Florida to Marco Rubio by 11 points. And statewide Democrats lost the Hispanic House vote by 7 points to the Republicans.

5. In Texas, Republicans got 43 percent of the statewide House vote among Hispanics, losing it by only 10 points to the Democrats. Beto O’Rourke did somewhat better than Biden in the Rio Grande Valley but still carried Hispanics statewide by just 14 points.

6. The poor showing of Democrats in the Hispanic Texas House vote was driven by working class Hispanics. They gave Democrats a mere 6 point margin statewide (51-45) compared to 24 points among college Hispanics (61-37). But working class Hispanics are three-quarters of the Texas Hispanic vote.

7. In Arizona, the GOP got 41 percent of the statewide House vote among Hispanics, cutting their deficit with this demographic to 13 points. Democrats’ House margin was down 6 points from Biden’s margin among this group in 2020. Katie Hobbs also ran behind Biden in her Hispanic support while Mark Kelley did a little better. But Kelley’s healthy margin of victory (5 points) is clearly attributable to a sharp improvement in support among white college graduates relative to Biden.

8. Even in California, Democratic House candidates in 2022 ran 11 points behind Biden’s margin in the state in 2020. This decline can be illustrated by looking as some heavily Latino CDs in Los Angeles County (vote counts ongoing): CA-31, Biden +31, 2022 House +16; CA-35, Biden +28, 2022 House +12; CA-38, Biden +30, 2022 House +13; CA-42, Biden +46, 2022 House +34.

These data suggest Democrats are far from out of the woods in terms of their Hispanic voter support. In fact, they indicate the problem is getting worse. More broadly, Democrats would be well-advised to look at these results in the context of their ongoing decline in working class support among nonwhites. AP VoteCast estimates the decline in Democrats’ advantage among the nonwhite working class as 14 points between 2020 and 2022, 23 points between 2018 and 2022 and (splicing in some Catalist data, which are consistent with VoteCast data where they overlap) an astonishing 33 point drop between 2012 and 2022.

I’d say that qualifies as a problem—and one that’s very, very far from being fixed.

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Previous articleNovember 18, 2022Federal Unfunded Liabilities Are Growing More Rapidly Than Public DebtJames Capretta notes the federal government’s unfunded liabilities in 2021 were $93.1 trillion, nearly 400% of annual GDP. In 2001, they stood at 105% of GDP. @AEINext articleNovember 18, 2022House Price Growth and Inflation During COVID-19House price growth during COVID-19 contributed to 1/3 of CPI increase from 2020-22, driven by a wealth effect amid tight supply conditions.
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.

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — 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.
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — 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…
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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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  • 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…
  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — 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…
  • Politics

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].

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — 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.
  • 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…
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • Politics

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.

Related Articles:

  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • 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…
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • 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.

Related Articles:

  • 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…
  • 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…
  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • Politics

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.

Related Articles:

  • Where Americans Choose to Move and Where They Leave — Btw 2020 and 2024, 3.7% of California’s 2020 population moved out of state. The population of the “Texas Triangle” – the Dallas…
  • Fifty Shades of Growth — Looking at natural population growth @AzizSunderji finds that all five metros with the highest natural population growth, births net deaths, in the entire…
  • As New Jobs In Finance Dry Up, New York City’s Fiscal Model Is Wilting — Since January 2020, private sector real hourly earnings have fallen 9% in New York City, while increasing 3% nationally, as large firms based in NYC move jobs…
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