. . . and why they’re not likely to recapture it: my latest Bloomberg Opinion column.
The party’s economic agenda, even on its left wing, increasingly reflects the priorities of its new upper-middle-class supporters. . . .
Proposals for free college would primarily benefit students from high-earning households and those who are likely to be high earners themselves. Two-thirds of the benefits of Senator Elizabeth Warren’s student-loan forgiveness plan — and remember that her platform was widely described as the cutting edge of progressive policy thinking — would go to the highest-earning 40% of households.
As Brian Riedl explains in an analysis for the conservative Manhattan Institute, much of today’s Democratic agenda serves to redistribute income from the very richest Americans to the merely affluent. . . .