Market Volatility Shows Democrats are Now the Party of Elites
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Key Takeaways
- Partisan and class debates about the economy and financial markets emphasize the Democratic Party’s weakening grip on working class Americans.
- In 56% of discussions, Americans say the Republican Party is now the party of average Americans and the Democratic Party only protects elites.
- A common thread in these discussions is that critics of Trump’s tariff policies worry mostly about the impact to financial markets, revealing their personal risk exposures.
Our Methodology
Demographics
All Voters
Sample Size
9,500
Geographical Breakdown
National
Time Period
2 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
The political center of gravity is shifting with discussions of economic volatility, trade upheaval, and collapsing institutional trust. The traditional imagery of Democrats and Republicans has been coming undone—and Trump’s tariff strategy drives this home.
Democrats, long cast as the champions of labor and working families, are increasingly seen as defenders of elite systems and global capital. Republicans, once synonymous with boardrooms and free-market orthodoxy, are emerging as the party of the working class.
Trump’s tariff strategies strike fear in the hearts of elites who are heavily invested in the stock market. But working-class Americans view Trump’s tactics as a gesture in support of the quality of life they feel has been taken from them over that last 50 years.
Approximately 56% of online conversations now cast the Republican Party as the working-class party. People see Democrats as representing elite, institutional, or financial interests. This inversion is starkly portrayed in public reactions to market and trade dynamics.
Tariffs Represent Working-Class Populism
Working-class voters overwhelmingly support tariffs. They frame them as protective tools that defend American labor, punish adversarial trade partners, and reduce dependency on foreign supply chains. These voters describe Trump’s strategy as a long-denied protection for domestic workers.
Most of this group are not heavily invested in the stock market and, therefore, do not discuss market movements as much. They criticize and even mock the small percentage of elites who wring their hands over market dips, saying the reality of working life exempts them from this dramatic reaction.
The formula used by the administration to calculate tariffs made other nations’ tariffs appear four times larger than they actually are.
— Bill Ackman (@BillAckman) April 7, 2025
President @realDonaldTrump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy.… https://t.co/haPHKrxWOR
Republicans gain credibility with Trump’s bold strategy that is perceived, by many Americans, as forceful and tied to national identity. They say Trump, unlike the empty promises of Republicans past, is affirming economic sovereignty. These voters associate trade disruption with leadership, not recklessness.
In contrast, elite and financially exposed voices are concerned. Some view tariffs as inflationary, others as strategically useful only if temporary. Their focus is on cost structures, global capital flows, and supply chains. The contrast in language is sharp. The working class talks about fairness and jobs. The elite talks about stability and returns.
Financial Markets as a Class Divider
To investors and high-earners, volatility caused by Trump’s policies is unnecessary and dangerous. For boomers and older retirees, it heightens vulnerability. DOGE and crypto deregulation reveal how these groups interpret the same events differently.
Democrats are losing ground with the working class because they are no longer seen as challenging power. Voters view them as stewards of power. Criticism focuses on their alignment with federal institutions, regulatory expansion, and technocratic control over the economy.
Online discussions repeatedly link Democrats to the Federal Reserve, the IRS, and ESG-driven mandates. Many Americans now view these institutions as vehicles for upward redistribution—siphoning from productive sectors and transferring influence to credentialed elites. Voters point to high taxes, regulatory pressure on domestic energy, and complex compliance regimes as evidence.
Democratic rhetoric emphasizes programs and equity frameworks. But voters want their quality of life improved. They want leaders who will push back against systems that have failed to deliver upward mobility. More and more, Democrats offer language that satisfies think tanks and foundation staff, not working parents and tradesmen.
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The GOP’s Populist Coalition
The Republican coalition is increasingly animated by action, not abstraction. Americans see tariffs, executive orders, energy deregulation, and the push for permanent legislative codification of Trump-era policies as proof of alignment with the working class.
Supporters don’t care about nuance. They want disruption to the status quo. The GOP’s willingness to target federal programs, reorient global trade, and dismantle administrative bottlenecks reads as strength. This includes moves with real risk—DOGE downsizing, unilateral tariff cycles, and crypto liberalization.
Discussions also show growing internal discipline. There is little patience for GOP members who resist institutional confrontation. Popular sentiment favors party cohesion over consensus-building. The working-class base no longer views procedural bipartisanship as productive. They view it as retreat.
Trump's style of governance—executive-heavy, combative, and symbolic—now defines the party’s populist appeal. The base measures outcomes by defiance and impact.
Class Realignment in Action: Data-Backed Shifts
The party realignment is becoming more defined.
- 56% of conversations across all data sets identify Republicans as the party most aligned with working-class interests.
- 70% of trade-related discussions explicitly credit GOP policies with supporting American labor.
- In Democrat-leaning forums, up to 55% of participants concede that Republicans now communicate more effectively on class-based economic issues.
By contrast, Democrats are repeatedly framed as elite-facing, institutionally captured, and out of touch with economic precarity. Their appeal remains strong among urban professionals and those with investment exposure. But among non-college voters, service workers, and rural communities, the party is hemorrhaging trust.