|"Only dull people are brilliant at breakfast"
|"The liberal soul shall be made fat, and he that watereth, shall be watered also himself."
-- Proverbs 11:25
As in other recent campaigns, lawyers account for the biggest chunk of Democratic donations. They have donated about $18 million to Obama, compared with about $5 million to John McCain, according to data released on June 2 and available at OpenSecrets.org.
People who work at securities and investment companies have given Obama about $8 million, compared with $4.5 for McCain. People who work in communications and electronics have given Obama about $10 million, compared with $2 million for McCain. Professors and other people who work in education have given Obama roughly $7 million, compared with $700,000 for McCain.
Real estate professionals have given Obama $5 million, compared with $4 million for McCain. Medical professionals have given Obama $7 million, compared with $3 million for McCain. Commercial bankers have given Obama $1.6 million, compared with $1.2 million for McCain. Hedge fund and private equity managers have given Obama about $1.6 million, compared with $850,000 for McCain.
When you break it out by individual companies, you find that employees of Goldman Sachs gave more to Obama than workers of any other employer. The Goldman Sachs geniuses are followed by employees of the University of California, UBS, JPMorgan Chase, Citigroup, National Amusements, Lehman Brothers, Harvard and Google. At many of these workplaces, Obama has a three- or four-to-one fund-raising advantage over McCain.
The trends are pretty clear: rising economic sectors tend to favor Democrats while declining economic sectors are more likely to favor Republicans. The Democratic Party (not just Obama) has huge fund-raising advantages among people who work in electronics, communications, law and the catchall category of finance, insurance and real estate. Republicans have the advantage in agribusiness, oil and gas and transportation. Which set of sectors do you think are going to grow most quickly in this century’s service economy?
If the Democrats are elected, this highly educated class will have much more say over policy than during the campaign. Undecided voters sway campaigns, but in government, elites generally run things. Once the Republicans are vanquished, I wouldn’t hold your breath waiting for that capital gains tax hike or serious measures to expand unionization.
Over the past few years, people from Goldman Sachs have assumed control over large parts of the federal government. Over the next few they might just take over the whole darn thing.