Thursday, March 03, 2016
It's not just the economic impact on the average American, and this explanation is too simplistic, but it's certainly a factor:
The "protest" vote - as exemplified by the American electorate's support for Donald Trump and Bernie Sanders - reflects a backlash against the deeply entrenched political aristocracy and a revolt against business as usual inside the Beltway.But it's not just politics as usual that voters are protesting with their support for Trump and Sanders. Their strong poll numbers also reflect a rebellion against a system that "everyday" Americans feel like has utterly failed them.Wall Street nearly collapsed the global economy in 2008 and Main Street never got a reprieve after the post-Lehman chaos wiped away 50% of Americans' 401ks.Meanwhile, the Jamie Dimons and Lloyd Blankfeins of the world have become billionaires - literally. Ben Bernanke will tell you that this isn't his fault, but if you want to understand why America is prepared throw the establishment out of office, look no further than the following chart, which shows that since 2006, only the rich have seen their incomes climb.