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Sunday, May 27, 2012

The Politics of the Super-Rich

Larry Bartels:

More on the Politics of the Super-Rich, Monkey Cage: Andrew argues, based on “extrapolation from preferences of the top 5%, data on campaign contributions, and data on political attitudes of the top third of income,” that “there are lots more rich and powerful Republicans” than Democrats. While extrapolation from the top third, or even the top 5%, to the “super-rich” seems perilous, some new data on campaign contributions handsomely support his claim. ...
While these data seem compelling with regard to the partisan alignment of the super-rich, they do not speak to Andrew’s additional claim that “rich Democrats tend to be moderate on economic policy, whereas rich Republicans tend to be highly economically conservative.” ...
For what it’s worth, I suspect that Andrew is mostly right on this score as well—but also that there is a great deal of politically significant variation even within the domain of “economic policy.” For example, the finance industry super-rich in Bonica’s data look, on average, much like the rest of the super-rich. However,  even those who contribute mostly or entirely to Democrats are probably not “moderate” on the issue of financial regulation—a fact that may be relevant to understanding why the regulatory response to the Wall Street meltdown was not more vigorous. ...

This graph from his post shows the ideological distribution of Democrats (blue), Republicans (red), and the Forbes 400 (black):

Ideology

    Posted by on Sunday, May 27, 2012 at 01:51 PM in Economics, Politics | Permalink  Comments (36)


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