Edward Conard

Top Ten New York Times Bestselling Author

  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
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Even If Trump Loses, Republicans’ Authoritarian Ambitions Will Live On

Jonathan Chait New York Magazine
Date Posted:
October 30, 2020
Is Database:
Database

@JonathanChait in New York Magazine: Even if Trump loses, the Republican Party’s authoritarian ambitions will persist, driven by a desire to protect economic interests over democratic principles.

Ed Conard's speech at Mitt's Utah event, highlighted in New York Magazine, underscores the Republican Party's shift towards authoritarianism, even if Trump loses. Conard, an investor and commentator, questioned how to build a coalition with displaced workers to maintain control, akin to past strategies that reduced the marginal tax rate from 70% to 28%. This reflects a broader trend where the GOP's elite view democracy as a threat to wealth concentration, aligning with Russell Kirk's view that taxation for wealth redistribution is akin to theft. Trump's presidency has seen odious compromises, such as ceding domestic policy control to congressional Republicans, which has blurred lines between governance and propaganda. This evolution suggests that the party's authoritarian ambitions will persist, driven by a desire to protect economic interests over democratic principles.

Just an FYI your 2016 speech at Mitt’s Utah event was cited by Jonathan Chait in thisweeks New York Magazine

Jonathan Chait, "Even If Trump Loses, Republicans’ Authoritarian Ambitions Will Live On,"New York Magazine, October 24, 2020, https://nymag.com/intelligencer/2020/10/donald-trump-authoritarianism-after-the-election.html

Even If Trump Loses, Republicans’ Authoritarian Ambitions Will Live On

The 2020 election is the first presidential contest since perhaps 1864 in which the principal question is democracy itself. The reelection of Donald Trump, unlikely but terrifyingly possible, would hasten America’s evolution into an oligarchy along the lines of Hungary, Turkey, and Russia, whose illiberal leaders Trump admires and who are, in some cases, working to help him secure a second term.

School civics lessons have boiled democratic values down to inoffensive mush that we associate with clichés expressing supposedly universal values (“government of the people, by the people, for the people”). But democracy is a radical concept, especially in a society as unequal as ours. The tension between an economic system in which power is concentrated in a few hands and a political system in which power is distributed equally places special stress on the political forces aligned with the rich. In Conservative Parties and the Birth of Democracy, Daniel Ziblatt traces the origins of democratic government in Western Europe, arguing that choices made by the right have an outsize role in the success or failure of a fledgling democracy. States where the aristocratic elite accepted majority rule had peaceful and stable transitions (the para-digmatic case is Great Britain). States whose aristocratic elite resisted democratic intrusions emerged fitfully or violently (the paradigmatic case being Germany).

The Republican Party appears to be a special and troubling case, in which the historical pattern has been thrown into reverse. In its original form, the GOP was a radical anti-slavery party, but it abandoned its progressive impulses and has evolved into a wildly reactionary and increasingly authoritarian formation.

On the eve of the 2016 election, I wrote an essay arguing that even if Trump disappeared, which looked more likely than not at the time, the party’s turn away from democracy would continue. I contended that Trump’s authoritarianism was acceptable, even desirable, to the party’s elite, who view as a form of tyranny a system that allows the majority to redistribute wealth from the minority via the ballot box. The 20th-century conservative intellectual Russell Kirk once wrote that “taxation of the prosperous for the benefit of the less wealthy, through the votes of the benefiting crowd … becomes first cousin to theft.”

One passage that stands out from the story four years later is a line uttered by Ed Conard, an investor, an American Enterprise Institute fellow, a Fox Business channel commentator, and the author of The Upside of Inequality — which is to say, an anthropologically perfect specimen of the modern plutocrat. At a gathering of wealthy Republicans, he pondered the challenge posed to the party by Trump’s rise, asking his audience, “So the question is: How do we build a coalition with displaced workers like we did with the religious right after Roe v. Wade and which we used to lower the marginal tax rate from 70 percent to 28 percent … and that leaves us in control, us being advocates of free enterprise, in control of the coalition?” He decided to shock his audience with some bracing candor for what this would entail: “The answer, I believe, is tough, and perhaps even odious, compromises.”

Odious compromises have certainly been abundant in the past four years. While Trump’s deal-making skills have been poor, he did strike one important bargain that he never talks about: He ceded control of domestic policy to congressional Republicans in return for carte blanche to engage in a spate of Nixonian crimes. He has fired or neutered inspectors general, made congressional oversight a dead letter, installed loyalists to run crucial agencies, and mostly erased the once rigidly enforced distinction between official government functions and political propaganda. (Everything from Trump using the White House as a convention stage to signing his name to stimulus checks and food aid, any of which would have once set off a massive scandal, is now shrugged at.)

Trump has found government levers to pressure firms to amplify his propaganda or muzzle his critics — CNN (by investigating its parent-company merger) and the Washington Post (by threatening to raise postal rates and denying a lucrative military cloud-computing contract to Amazon) — and threatened to investigate or break up the tech firms, which have infuriated him by having too many liberals.

Most of his targets have resisted his threats on the rational premise that they could wait out his expected single term. Should he win reelection, that resistance would probably disintegrate. Indeed, most of Trump’s inability to fundamentally corrupt American government is predicated on his political buffoonery outweighing his heavy-handedness. Should democracy survive relatively unscathed, it will be because Trump lost, not because the system “worked.”

With a handful of exceptions, the primary complaint Republican elected officials have with Trump’s authoritarianism is that he lacks a subtle touch. The party’s strategic focus increasingly relies upon an interrelated network of anti-majoritarian steps to allow it to compete for power without compromising with the electorate: suppression of the vote; gerrymandering at the state and federal level; a Senate that underrepresents minorities and urban dwellers; and, looming just over the horizon, a Supreme Court poised to strike down swaths of progressive reforms that Republicans can’t stop in Congress. It’s revealing that Mitch McConnell has spent the waning days before the election trying to stop an economic-stimulus bill, which the public favors by a 50-point margin, to focus instead on locking in another Supreme Court seat. Why cater to public opinion when you can position yourself to thwart it for decades to come?

It’s important to understand the calculations of figures like McConnell and Paul Ryan not as personal cowardice but the expression of a different moral hierarchy. The conservative movement believes that liberty — defined primarily as small government without punitive taxes on the rich — matters more than democracy, that democracy threatens liberty by allowing the many to rob the few. Senator Mike Lee, a leading conservative who briefly expressed disgust with Trump in 2016, this month tweeted out a view that has become almost banal on the right. “We’re not a democracy,” he wrote. “Democracy isn’t the objective; liberty, peace, and prospefity are. We want the human condition to flourish. Rank democracy can thwart that.” One could argue the Republican Party had spent a half-century building an intellectual smoke screen to disguise its anti-democracy agenda and then one of its senators just tweeted it out. Whatever his flaws, Trump stands athwart “rank democracy” and has safeguarded the liberty of the rich to keep their wealth.

The most lasting imprint Trump may have left upon his party is to disabuse its elites of any illusions that “small government” has any authentic purchase with the voters. Trump’s primary domestic accomplishment, his Reaganesque tax cut, is so unpopular he has to periodically promise he will come out with a second round of cuts for the middle class. The tea party turns out not to have any principled objection to deficits, spending, or even the notion that the government will take care of everybody’s health care — something Trump constantly promises to deliver, even though he hasn’t.

Before Trump, some Republicans may have clung to the hope that some version of smaller government and lower taxes might appeal to the majority of the country. Almost none of them can believe that anymore. Yet rather than submit to “rank democracy,” they will find another path, perhaps one like the path Trump has laid out before them.

November 3 is an off-ramp from the road to oligarchy. But whether Trump wins or loses, the Republican evolution into authoritarianism will go on. Even if his presidency ends in complete ruin and repudiation, Trump has given his party something it never had before: the performance of a despot — bullying his rivals, criminalizing anybody who challenges him, violating the law with impunity. They have a taste for it now. They will crave more.

“…On the eve of the 2016 election, I wrote an essay arguing that even if Trump disappeared, which looked more likely than not at the time, the party’s turn away from democracy would continue. I contended that Trump’s authoritarianism was acceptable, even desirable, to the party’s elite, who view as a form of tyranny a system that allows the majority to redistribute wealth from the minority via the ballot box. The 20th-century conservative intellectual Russell Kirk once wrote that “taxation of the prosperous for the benefit of the less wealthy, through the votes of the benefiting crowd … becomes first cousin to theft.”One passage that stands out from the story four years later is a line uttered by Ed Conard, an investor, an American Enterprise Institute fellow, a Fox Business channel commentator, and the author of The Upside of Inequality— which is to say, an anthropologically perfect specimen of the modern plutocrat. At a gathering of wealthy Republicans, he pondered the challenge posed to the party by Trump’s rise, asking his audience, “So the question is: How do we build a coalition with displaced workers like we did with the religious right after Roe v. Wade and which we used to lower the marginal tax rate from 70 percent to 28 percent … and that leaves us in control, us being advocates of free enterprise, in control of the coalition?” He decided to shock his audience with some bracing candor for what this would entail: “The answer, I believe, is tough, and perhaps even odious, compromises.”Odious compromises have certainly been abundant in the past four years. While Trump’s deal-making skills have been poor, he did strike one important bargain that he never talks about: He ceded control of domestic policy to congressional Republicans in return for carte blanche to engage in a spate of Nixonian crimes. He has fired or neutered inspectors general, made congressional oversight a dead letter, installed loyalists to run crucial agencies, and mostly erased the once rigidly enforced distinction between official government functions and political propaganda. (Everything from Trump using the White House as a convention stage to signing his name to stimulus checks and food aid, any of which would have once set off a massive scandal, is now shrugged at.)..”

  • Politics
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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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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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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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