3 Insights That Suggest We’re Talking Past Each Other in Politics

Author

Bubba
25 Oct

According to a new American Compass/YouGov survey, we may need to refresh our understanding about a number of political buzzwords. (American Compass)

We are greatly divided as to what the “American Dream” actually means: 50% of U.S. adults say it’s the “opportunity to go as far as your talents and hard work take you” and 50% believe it’s the “promise of dignity, equality, and a job that supports a family.”

Chart: American Compass

People don’t equate “free markets” with unfettered capitalism: 57% of Americans, including 69% of Republicans, support free markets that protect the American market, not free trade.

  • 67% of those who value free markets believe in protecting the American market, and 61% support protections for employers and workers.

“Upward mobility” is overrated: Across all social classes and party lines, Americans vastly prefer a society that defines success as “someone building a decent life in his hometown, raising and supporting a family, and contributing to the community” over success being viewed as moving away and reaching the top of your field.

Chart: American Compass

Oren Cass, chief economist at the American Compass:

Economic policy has been oriented entirely toward "expanding what people can buy, offering as many choices as possible at the lowest possible price." But that's not people's priority at all. If you want to know why Americans are so frustrated, in the face of so much "great economic data," this is why. And no, yet another "Opportunity Agenda" is not the answer.

Bubba’s Two Cents

I don’t agree with everything that economic populists like Cass believe, but I find their perspective to be incredibly useful when it comes to understanding why people are frustrated with conventional thinking on economics. One of the main themes of Cass’ work is that traditional economics is putting an emphasis on the wrong metrics, for example, GDP. Now, you can hold that view or not, but it certainly helps when thinking about why there’s this big wave of Republican voters who are gung-ho about moving manufacturing back to America.

One big question: Economic populism is great at diagnosing grievances, but can the policies actually deliver on the desired outcomes?