Democrats: The Party of American Capital

Julian Zelizer : In the Donald Trump era, the Democrats have become, improbably, the preferred party of American capital.

The Democratic Party that emerged from the 1980s was bruised and battered by the business coalition Ronald Reagan had built to undergird his presidency and that of George H. W. Bush .

The rise of Silicon Valley presented an attractive new constituency for Democrats , Zelizer says.

Julian Zelizer : In 2004 Democrats had a four -to-one advantage over Republicans in campaign finance fundraising.

He says Obama ’s presidency was a turning point for campaign finance in two respects: Citizens United and SpeechNow.org Supreme Court decisions unleashed super PACs.

The second change under Obama was the emergence of the tech sector as a major Democratic funder.

Julian Zelizer : Donald Trump's presidency accelerated a dynamic that had begun years earlier: the realignment of the rich.

He says there has been a similar shift among the wealthy in red states as well, with upper-income voters everywhere becoming significantly more Democratic .

Zelizer says it's no surprise that Joe Biden repeated Clinton 's fundraising advantage in 2020 , raising about $1.5 billion .