Edward Conard

Top Ten New York Times Bestselling Author

  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…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 comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…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 fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
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Bernie Sanders Only Had Eyes for One Wing of the Democratic Party

Thomas Edsall New York Times
Date Posted:
April 9, 2020
Is Database:
Database

@ThomasEdsall The Democratic Party is divided into 3 factions: establishment (60%), progressive left (20%), & neoliberals (20%). Sanders focused on progressive left, less diverse, with 72% Anglo members & most supportive of Sanders or Warren.

@ThomasEdsall The Democratic Party is divided into 3 factions: establishment (60%), progressive left (20%), &...
The Democratic Party is divided into three factions: the "establishment" at 60%, the "progressive left" at just under 20%, and "neoliberals" also at 20%. Sanders focused on the progressive left, which is less diverse, with 72% Anglo members, and most supportive of Sanders or Warren, with 75.1% favoring them as nominees. The establishment, more diverse with 44% minorities, aligns with centrist figures like Pelosi and Obama. Neoliberals favor Wall Street and centrist policies. Sanders's campaign aimed to shift control from corporate interests to the working class, but the majority of Democrats remain aligned with centrist policies. Despite Sanders's withdrawal, the challenge for progressives is to unite with the broader party to influence elections and policy changes.

:

"...“Establishment” voters, in this scheme, means center-left voters who make up just over 60 percent of the total.They stood out as favorably inclined to Nancy Pelosi, Chuck Schumer, Barack Obama and the Democratic National Committee — in other words, to the Democratic establishment. “Progressive left” Democrats, at just under 20 percent,were most favorable to labor unions, Black Lives Matter, the #MeToo movement, Alexandria Ocasio-Cortez and the Democratic Socialists of America. These Democrats viewed business interests — as exemplified by Wall Street — negatively, and they weren’t happy about Joe Manchin, the centrist senator from West Virginia, either. The third group, “neoliberal” Democrats, at 20 percent, is as large as the progressive wing.These voters like what the progressives don’t like — Wall Street, Manchin — and dislike pretty much everything progressives favor, including Ocasio-Cortez and the Democratic Socialists of America....Eitan Hersh, who is also a political scientist at Tufts, suggests in his new book, “Politics Is for Power,” that the Democratic left is threatened by a political side effect of the internet. The web, he writes, has facilitated the growth — concentrated especially in the ranks of well-educated white progressives — of voters seeking “a shortcut to feeling engaged without being engaged,” voters for whom “emotion — righteous anger — is an end rather than a means to an end.” Hersh calls these voters “hobbyists.” They spend an hour a day or more closely following politics primarily on social media, but they rarely, if ever, actually engage in politics through volunteering or other grass roots activity...."

Thomas Edsall, "Bernie Sanders Only Had Eyes for One Wing of the Democratic Party,"New York Times, April 8, 2020, https://www.nytimes.com/2020/04/08/opinion/bernie-sanders-democratic-party.html

Bernie Sanders Only Had Eyes for One Wing of the Democratic Party

Once the mainstream of the Democratic Party’s electorate settled on a candidate to support in this year’s campaign, however flawed Joe Biden may be, Bernie Sanders’s call for a revolution overturning the current American variant of capitalism no longer had a chance. On Wednesday, Sanders finally capitulated to political reality and withdrew from the race. In doing so, he claimed that “Few would deny that over the course of the past five years our movement has won the ideological struggle.”

But is that true?

The fact is that a decisive majority — 60 percent — of the Democratic electorate is made up of men and women loyal to the centrist party establishment, such as it is, and to organizations, from unions to party committees, that are aligned with it.

And there is little or no evidence that the greater part of the American people have the desire, or the stomach, for political revolution.

Earlier this month, Shom Mazumder, a political scientist at Harvard, published a study, “Why The Progressive Left Fits So Uncomfortably Within The Democratic Party,” that analyzed data from a 2019 survey of 2,900 likely Democratic primary voters. “I saw two clear poles emerge within the Democratic Party,” he writes:

The “establishment” and the “progressive left.” A third group also emerged, and while it’s not as clearly defined as the other two, it has some overlap with the establishment and tends to be more fond of Wall Street, so I’m calling that “neoliberals.”

“Establishment” voters, in this scheme, means center-left voters who make up just over 60 percent of the total. They stood out as favorably inclined to Nancy Pelosi, Chuck Schumer, Barack Obama and the Democratic National Committee — in other words, to the Democratic establishment.

“Progressive left” Democrats, at just under 20 percent, were most favorable to labor unions, Black Lives Matter, the #MeToo movement, Alexandria Ocasio-Cortez and the Democratic Socialists of America. These Democrats viewed business interests — as exemplified by Wall Street — negatively, and they weren’t happy about Joe Manchin, the centrist senator from West Virginia, either.

The third group, “neoliberal” Democrats, at 20 percent, is as large as the progressive wing. These voters like what the progressives don’t like — Wall Street, Manchin — and dislike pretty much everything progressives favor, including Ocasio-Cortez and the Democratic Socialists of America.

Mazumder uses the label “establishment Democrats” idiosyncratically. His data shows that at 44 percent, minorities make up a much larger share of these voters than their share of either progressives, at 28 percent, or neoliberals at 32 percent. His establishment voters are roughly 60-40 female, while the other two categories are majority male.

In contrast, Mazumder’s progressives stand out as the whitest group — 72 percent Anglo — of the three categories, the least diverse constituency of an increasingly multicultural and multiracial party.

The progressives were also the only Democratic faction in which a majority — 75.1 percent — said that if they could “wave a magic wand” and make the candidate of their choice the nominee, they would pick either Sanders or Elizabeth Warren.

Only a third of establishment voters chose either Sanders or Warren, and even fewer, a fifth of the neoliberals, would pick either of the two.

A central rationale of the Sanders campaign is that if he is elected, he would wrest control of the Democratic Party from corporate America and turn it over to the working and middle class.

As Sanders put it on Twitter in June 2019:

The cat is out of the bag. The corporate wing of the Democratic Party is publicly “anybody but Bernie.” They know our progressive agenda of Medicare for All, breaking up big banks, taking on drug companies and raising wages is the real threat to the billionaire class.

There are scholars who argue that Sanders’s claim is both credible and warranted.

Martin Gilens, a political scientist at U.C.L.A., wrote in an email:

Bernie Sanders, Elizabeth Warren, and other progressive Democrats are fully justified in believing many of the policies they endorse are opposed by a Democratic Party establishment beholden to moneyed interests.

Gilens acknowledged that “when Democrats are in office, policy tends to shift modestly in ways that advantage the less well off” including minimum wage increases and “modestly more progressive” tax policy.

That tendency does not, however, grow out of a robust alliance between party leaders and their low income constituents, Gilens argues. Instead, in his view,

those policy differences do not exist because the Democratic Party reflects the influence of middle-class Americans. Instead, the policy differences reflect that fact that (in contrast to Republicans) the affluent power base of the Democratic Party embraces a limited set of economically progressive policies.

In practice, Gilens wrote, “the Democratic Party aligns itself rhetorically with the middle-class, but when push comes to shove, its policies reflect the influence of the well-off.”

Gilens and Benjamin I. Page, a political scientist at Northwestern, describe what they believe are the consequences of a Democratic Party dominated by the well off. They contend in the 2020 edition of their book, “Democracy in America? What Has Gone Wrong And What We Can Do About It,” that “wealthy individuals and organized interest groups — especially business corporations — have had much more political clout” in forging government policy, adding that “the general public has been virtually powerless.”

Two papers by four other political scientists challenge the arguments of Gilens and Page. The first of these, “Oligarchy or Class War?” is by Matt Grossmann and William Isaac, both at Michigan State. The second, “Testing Models of Unequal Representation: Democratic Populists and Republican Oligarchs,” is by Jesse H. Rhodes and Brian F. Schaffner, of the University of Massachusetts-Amherst and Tufts.

Gilens, Page and their critics basically agree on the same set of facts. Their differences emerge from their conflicting interpretations of those facts.

Take the enactment of Obamacare. For Gilens, the final legislation reflects the failure of the Democratic Party to achieve progressive goals:

In 2009, with unified Democratic Party control and a filibuster-proof majority in the Senate, the Democratic Party failed even to include a public option in Obamacare, much less establish a health insurance program that would cover all uninsured Americans.

The Affordable Care Act, Gilens continued, is “one illustration of the power of interest groups in constraining Democratic Party policy.”

Critics of Gilens’ argument contend that enactment of Obamacare marks the first major downwardly redistributive federal legislation in generations, a major progressive achievement after decades of conservative success in distributing income and wealth to those in the top brackets.

“The A.C.A. was less sweeping than it could have been because of the constraints imposed by a powerful health care lobby, but it was more sweeping than anything that had come before,” Rhodes wrote by email. “The fact that significant health care legislation was enacted in spite of substantial resistance was a testament to the strength of progressive mobilization at the time.”

In other words, for Gilens, the glass is half empty, for Rhodes, half full.

Grossmann and Isaac write:

The view associated with Bernie Sanders and some scholars, which suggests that both parties have been bought off by rich donors to represent the rich and big business at the expense of the middle class, is inconsistent with the patterns we observe.

The Republican Party, they contend, perhaps unnecessarily,

does seem consistently responsive to business preferences and its positions are more often associated with those of the affluent. On economic policy in particular, Republican leaders much better represent affluent and business preferences.

But the Democratic Party, Grossmann and Isaac argue, “is not aligned with business preferences or affluent preferences in any domain — and actually represents middle-class views over affluent views on economic policy.”

Along similar lines, Rhodes and Schaffner found in their 2017 paper that:

Individuals with Democratic congressional representatives experience a fundamentally different type of representation than do individuals with Republican representatives. Individuals with Democratic representatives encounter a mode of representation best described as “populist.”

In contrast, they continue,

individuals with Republican representatives experience an “oligarchic" mode of representation, in which wealthy individuals receive much more representation than those lower on the economic ladder.

In an email, Rhodes noted that

Democrats are on average more responsive to their less affluent constituents than they are to their more affluent constituents, while for Republicans the reverse is true.

If the standard in judging the Democratic Party is whether it would support a radical upheaval vastly expanding the federal government, Rhodes continued, then

it’s fair to say that few elected Democrats at the national level are contemplating major departures from prevailing economic and political arrangements. There’s little evidence that most elected Democrats want an economic “revolution.”

But, Rhodes continued, “the reality is more complicated” than the Sanders claim that “the party is dominated by corporate interests and is unresponsive to the demands of the working and middle classes.”

Instead, according to Rhodes,

there’s a decent case to be made that many Democratic elected officials are indeed representing their working- and middle-class constituents by taking moderately liberal positions on most economic issues.

Interestingly, the progressive wing of the Democratic Party faces another challenge from an unexpected source.

Eitan Hersh, who is also a political scientist at Tufts, suggests in his new book, “Politics Is for Power,” that the Democratic left is threatened by a political side effect of the internet.

The web, he writes, has facilitated the growth — concentrated especially in the ranks of well-educated white progressives — of voters seeking “a shortcut to feeling engaged without being engaged,” voters for whom “emotion — righteous anger — is an end rather than a means to an end.”

Hersh calls these voters “hobbyists.” They spend an hour a day or more closely following politics primarily on social media, but they rarely, if ever, actually engage in politics through volunteering or other grass roots activity.

Hersh provided data comparing the demographics of hobbyists to non-hobbyists.

First and foremost, hobbyists are white, 82 percent, compared with 67 percent for non-hobbyists. They are majority male, 53 percent, compared with non-hobbyists who are 59 percent female. They are better educated, 37 percent with college degrees, compared with 30 percent among non-hobbyists.

In a further refinement of his analysis, Hersh compared voters who spend an hour or more a day on politics and do no volunteer work with those who spend an hour a day but also perform volunteer work — in other words, those who not only follow politics closely but also engage in grass roots activities.

There were some striking differences, Hersh wrote by email:

The people who spend an hour or more a day on politics but no time in volunteerism are 82 percent white, but those who do volunteering are only 60 percent white. The political hobbyists are 47 percent women but the volunteers are 64 percent women.

I asked Hersh why certain Democrats and liberals were drawn to hobbyism. One factor, according to Hersh, is that many hobbyists are not facing hard times:

College educated whites do politics as a leisure activity because the status quo is pretty good for them, and they are not motivated either by fears or by a sense of linked fate to those who do have pressing needs to get off their couches. They might say they hate Trump, are worried about polarization, are afraid of climate change, etc., but they aren’t really interested in doing anything about it because they don’t find the direction of the country sufficiently threatening to them.

If political hobbyists go ahead and vote, why worry about what they do or don’t do?

Hersh’s answer:

Political hobbyism isn’t just a distinct activity from the pursuit of political power; it hinders the pursuit of political power.

Since politics, including the politics of governing, is a competition in the exercise of power and influence, corporations and rich people are going to press for their interests no matter what. Insofar as progressive forces include a disproportionate share of hobbyists — as they currently do — progressives are going to be weakened in that struggle for power.

Interests will always conflict, and the conflicts are often as intense and bitter within a political party as they are between political parties. But political coalitions like the Democratic Party depend on the willingness of competitive forces to come to a compromise or at least a working agreement.

Unfortunately, intraparty dissension often brings the whole house down. Strategically, the challenge for progressives in the wake of Sanders’s departure from the race is not to defeat the Democratic Party, nor is it to generate a constant drumbeat of hostility from the left. The challenge is to combine forces with the rest of the party and deploy that power to win elections and change lives.

  • 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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  • 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.

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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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  • 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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  • 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.

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