The Economics of Voter Backlash

A wave of popular dissatisfaction, expressed in support for Donald Trump and Bernie Sanders, has shocked both of America's leading political parties. The protest vote, however, shouldn’t come as a surprise: For many important demographic groups, the last two presidencies have been an economic disaster.

Let's start with white Americans. If you’re wondering why Trump's anti-establishment rhetoric has attracted so many white male fans, consider this: From 2000 to 2014, a period during which the U.S. had two two-term presidents representing each of the major parties, the median white male's income declined an inflation-adjusted 5 percent. White females saw a 5-percent increase over the same period -- still hardly outstanding, especially compared to the large income gains that both groups enjoyed from 1992 to 2000 under President Bill Clinton.