By Karen Petrou
Perhaps nothing is as startling about the 2020 election as the bad calls pollsters made up to the minute votes were counted. One might have thought all the mistakes that led to similar 2016 gaffes were corrected – pollsters certainly said so – but they weren’t and the reason why is sad, but simple. The political-science models on which polling is premised are, like monetary-policy models and so much conventional wisdom, predicated on the vibrant U.S. middle class that once was but is no more. As we showed early on the economic inequality blog, economic inequality breeds not just acute political polarization, but also a strongly right-leaning shift in voter sentiment. No wonder – American voters denied the iconic promise of modest economic security and inter-generational mobility are angry. The more they see prosperity enjoyed by only a few and often a progressive few at that, the angrier they get. Add in COVID, and this is a witch’s brew of economic despair, social anger, political polarization, and national instability.
Continue reading “How Inequality, Not Polling, Predicted the 2020 Election”
By Karen Petrou
- African-Americans were better off before the civil-rights era began than they were in mid-2019.
- Truly huge disparities lie between white and black Americans in terms of income, wealth, and inter-generational mobility.
- And that was before COVID eviscerated low-income households of color from both a health and economic point of view.
- It’s past time for equality-focused financial policy, starting first with Equality Banks.
Continue reading “Trying to Get By While Black”