2. Populism Is Inadequate as an Economic Approach. Overwhelmingly, the economy and inflation are the top issues on voters’ minds, especially working class voters’. Inflation has been severely crimping working class family budgets and leading to falling working class wages in real terms, despite the tight labor market. Consumer confidence is currently as low as it was during the 2008-09 Great Recession. The energy situation continues to be highly uncertain—and scarily so–despite some recent abatement in gas prices.

Not surprisingly, Democratic stewardship of the economy is rated very poorly, economic pessimism is rampant and Republicans are strongly preferred on economic management. A recent AARP poll of the 56 most competitive Congressional districts found Republicans preferred by 22 points of inflation, 21 points on gas and energy costs and 20 points on the economy in general.

It defies common sense to think Democrats can win over working class voters who are suffering through this situation simply by pointing to greedy oil companies and promising to fight harder for the working class. Voters are not overly fond of oil companies but they are smart enough to see that these companies are only one part of a big problem that Democrats—and other factors like disrupted supply chains–have had some hand in creating. Thus, they are unlikely to find a corporate greed explanation for rising prices credible on its own. It is neither good economics nor good politics.