Will Democrats Stop With The Class Warfare?

by Pejman Yousefzadeh on September 25, 2009

Possibly. And if so, here’s why:

Democratic political committees have seen a decline in their fundraising fortunes this year, a result of complacency among their rank-and-file donors and a de facto boycott by many of their wealthiest givers, who have been put off by the party’s harsh rhetoric about big business.

The trend is a marked reversal from recent history, in which Democrats have erased the GOP’s long-standing fundraising advantage. In the first six months of 2009, Democratic campaign committees’ receipts have dropped compared with the same period two years earlier.

The vast majority of those declines were accounted for by the absence of large donors who, strategists say, have shut their checkbooks in part because Democrats have heightened their attacks on the conduct of major financial firms and set their sights on rewriting the laws that regulate their behavior.

Money has never stopped talking. Of course, it is possible that old habits will die hard, and that class warfare will continue from more than certain isolated quarters. In which case, by undermining their fundraising efforts, the Democrats will be contributing to a 2010 midterm election cycle that will be utterly disastrous for them.

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