Why rich Democrats are sticking by Obama

The affluent bloc is not broadly pleased with the president. Only 43 percent approved of Obama in June and July. The salient fact is how few of the affluent bloc that was once pleased is now displeased. In effect, almost half of affluent adults can be considered part of the Democratic base.

These are the Americans who especially don’t vote their economic interest. They are more likely to identify as liberal, live in a city and reside near a coast.

They are also less likely to be a serious casualty of the financial crisis. The Wall Street crisis came to define the Great Recession. But about three in four job losses have been blue collar. That suggests affluent Democrats are not only voting their social interest over their economic interest. They are also less likely to have their current political allegiance questioned by their economic interest.