WSJ: GOP Losing Grip On Business Vote
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Due to the usual complaints, including loss of fiscal restraint, "big government conservatism" and focus on religious fundamentalist voters.
Interesting stat: 77% of hedge-fund money going to Democrats this year.
Anecdotally, I'd say that high-tech silicon valley money is biased even stronger towards Demos this year.
online.wsj.com
(Partially cc'd below - this link is to a subscriber-only area)
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The Republican Party, known since the late 19th century as the party of business, is losing its lock on that title.
New evidence suggests a potentially historic shift in the Republican Party's identity -- what strategists call its "brand." The votes of many disgruntled fiscal conservatives and other lapsed Republicans are now up for grabs, which could alter U.S. politics in the 2008 elections and beyond.
Some business leaders are drifting away from the party because of the war in Iraq, the growing federal debt and a conservative social agenda they don't share. In manufacturing sectors such as the auto industry, some Republicans want direct government help with soaring health-care costs, which Republicans in Washington have been reluctant to provide. And some business people want more government action on global warming, arguing that a bolder plan is not only inevitable, but could spur new industries.
Already, economic conservatives who favor balanced federal budgets have become a much smaller part of the party's base. That's partly because other groups, especially social conservatives, have grown more dominant. But it's also the result of defections by other fiscal conservatives angered by the growth of government spending during the six years that Republicans controlled both the White House and Congress.
The most prominent sign of dissatisfaction has come from former Federal Reserve Chairman Alan Greenspan, long a pillar of Republican Party economic thinking. He blasted the party's fiscal record in a new book. In an interview with The Wall Street Journal, he said: "The Republican Party, which ruled the House, the Senate and the presidency, I no longer recognize."
Some well-known business leaders have openly changed allegiances. Morgan Stanley Chairman and Chief Executive John Mack, formerly a big Bush backer, now supports Democratic front-runner Sen. Hillary Clinton of New York. John Canning Jr., chairman and chief executive of Madison Dearborn Partners, a large private-equity firm, now donates to Democrats after a lifetime as a Republican. Recently, he told one Democratic Party leader: "The Republican Party left me" -- a twist on a line Ronald Reagan and his followers used when they abandoned the Democratic Party decades ago to protest its '60s and '70s-era liberalism.
Concern for their fiscal reputation is reflected in the fights that President Bush and congressional Republicans now are picking with the new Democratic majority over annual appropriations and an expansion of a children's health program, in hopes of placating party conservatives.
For all the disillusionment among Republicans, the party retains strong support in many parts of the business community, in part because of fears about the taxing and regulating tendencies of Democrats. Danny Diaz, spokesman for the Republican National Committee, says, "Americans of every political persuasion that value hard work, keeping more hard-earned dollars, and economic independence and entrepreneurship will continue to stand behind the Republican Party."
"The Republicans that I liked -- like Eisenhower, even the early Nixon -- all those Republicans, they basically believed in fiscal responsibility. And they believed therefore that you should pay taxes for what you wanted to spend money on." Read more from Mr. Clinton's interview with The Wall Street Journal.
Polling Data
But polling data confirm business support for Republicans is eroding. In the Wall Street Journal/NBC News poll in September, 37% of professionals and managers identify themselves as Republican or leaning Republican, down from 44% three years ago.
Richard Clinch, a 69-year-old New York native, illustrates the party's plight. The retired Westinghouse manager and mechanical engineer says he has been "a lifelong Republican." As a young fiscal conservative, he was attracted by the party's reputation for frugal and competent governance, he says. The Democratic Party left him cold, he says, because of its social spending and ties to the unions that exasperated him at work. As a retiree in Annapolis, Md., he became a local Republican officer.
Yet next year, for the first time since he began voting in 1960, Mr. Clinch won't support the Republican presidential nominee, he says. He only "very reluctantly" voted for Mr. Bush's re-election in 2004. "Like many Republicans, I am frustrated," he says. "We've lost control of spending," and the administration's execution of the Iraq war has been "incompetent." Mr. Clinch says he is liberal about rights for women and gays, and vexed that "we [Republicans] get sidetracked on these issues like gay marriage."
Federal campaign-finance reports document shifting support in some quarters of the business community. Hedge funds last year gave 77% of their contributions in congressional races to Democrats, up from 71% during the 2004 election, according to the Center for Responsive Politics, a nonpartisan analyst of campaign finances. Last year the securities industry gave 45% of its money to Republicans, down from 58% in 1996 ... |
