JOEL KOTKIN ON THE DEMOCRATS: Party of the people? Or the oligarchs?

In the past Democrats attracted large numbers of middle- and working-class voters seeking their fair share of the national cornucopia. But over the past 20 years they have become increasingly dominated by what historian Fred Siegel has called “an upstairs, downstairs” coalition, bringing together the most destitute with the most privileged parts of our society.

Nancy Pelosi, the mega multi-millionaire from San Francisco, epitomizes “upstairs downstairs” politics of the party. Neither she nor President Obama threatened the ascendency of the tech oligarchs, in fact saving them from strong anti-trust action while raking in their generous political contributions. Some putatively left-wing candidates including Kamala Harris also seem anxious and willing to serve as their chosen tool. The oligarchs, after all, do “not have to rule,” notes historian Jeffrey Winters, but they likely will draw the line at such things as regulation, anti-trust and capital-gains rates that threaten their hegemony.

In contrast, the new progressive heartthrobs, such as Alexandria Ocasio Cortez, openly regard tech and Wall Street billionaires, much as Bernie Sanders did in 2016, as class enemies. They seem certain to reject nominally “woke” and self-financing oligarchal candidates such as Michael Bloomberg — we have apparently been spared a Tom Steyer candidacy — as they regard billionaires as inherently “immoral.” . . .

Sadly, pragmatism seems increasingly out of fashion among Democrats. Most of the leading candidates — Elizabeth Warren, Kamala Harris, Cory Booker — have been embracing a program of massive tax increases, ever more environmental regulation, the elimination of the fossil fuel industry, imposed high density and large income r-distribution. None of these are likely to appeal to suburban or small town voters.

Indeed.