The Corner

The New Investors

The Washington Post has an article on a topic dear to my heart: how the expansion of the investor class is changing American politics. The Post did a survey that found that direct ownership of stocks does indeed affect voters’ political orientation. But, the authors say in an aside, people who own stocks through 401(k)s and IRAs did not differ from non-owners. Investor-class theorists have expected that direct ownership would have a greater impact than indirect ownership, but did not expect indirect ownership to have no impact. Unfortunately, the Post story provides no data to evaluate the claim.

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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