While Democratic presidential candidates and the better-heeled in America typically make strange bedfellows, it appears, nevertheless, that they will be occupying the same sleeping space this year.
CNBC.com is reporting that the global market research and consulting firm Ipsos, in its July Affluent Barometer survey, found that America’s affluent are very much “with her” this time around; according to the data, those voters who make more than $100,000 per year favor Clinton over Trump by a measure of 45 percent to 28 percent, and, among voters who earn at least $250,000 per year, Clinton is preferred by 53 percent of voters.
So what gives? Why are the wealthy in America lining up behind the Democrat this time around?
Ipsos believes the shift this election has more to do with the rich’s animus toward Trump, rather than with any particular affection for Clinton, and looks to its own historical data for the justification. Earlier this year, when all of the key players were still in the race during primary season, moneyed Democrats liked Clinton and Sanders about the same, while wealthy GOPers were divided fairly evenly among Trump, Ted Cruz, and Marco Rubio. However, when the dust settled and the nominees of each party were chosen, Clinton found herself with the support of just about all of the rich Sanders supporters, while Trump struggled to pick up those affluent Republicans who did not support him initially.
So is it personal or policies when it comes to millionaire distaste for Trump? At this point, no one really knows, and it may be a measure of both. Clearly, though, Trump’s overtly populist rhetoric does not sit well with the rich; the candidate’s comments on trade, Wall Street, and U.S. multinationals that make products outside of America aren’t going to win him many friends among the elites, while Hillary’s affection for both big banks and globalism, more generally, will tend to be greatly appreciated by the wealthy.
By Robert G. Yetman, Jr. Editor At Large