A distinct economic populism is gaining momentum within both the Republican and Democratic parties this election cycle, driven by voter concerns over financial stability and wealth inequality.
Historically, right-wing populism in the U.S. targeted socially liberal elites on the East Coast and in California. Left-wing populism traditionally focused on billionaires and large corporations. These definitions are now blurring. "Economic populism gains traction when ordinary people believe that they're getting screwed, betrayed by economic elites," said Michael Kazin, a Georgetown professor and historian of populism.
Republican candidates are adopting language once associated with Bernie Sanders. Rep. French Hill aired an ad urging to "Keep Wall Street from buying up our neighborhoods." Rep. Mike Rogers said, "The pharmaceutical companies are ripping American families off." Joe Mitchell, a Republican candidate, campaigned on the idea that "politicians shouldn't get rich while Iowa families struggle to afford groceries, housing and childcare."
Polling reinforces the trend. Celinda Lake, a Democratic pollster, surveyed 500 working-class Americans without college degrees and incomes under $150,000. About 40 percent expressed cynicism about the American dream, describing it as "gone," "a lie," or "a false promise." Seventy percent blamed extreme wealth inequality for the decline of the dream. Sixty-nine percent said the government has an obligation to address inequality.
NPR's swing voter focus groups—participants who voted for President Biden in 2020 and President Trump in 2024—confirmed the sentiment. Jennifer, a focus group participant, observed that "the most wealth in this country is held by such a small percentage of people" and that people are "really struggling" to "reach that American dream."
