Andy Laperriere, Piper Sandler's head of US policy research in Washington, wrote in a note on Thursday that explained both parties are moving left on economic policy as populist measures gain support across the political spectrum. His big-picture view is that "hard-left and socialist candidates" are damaging the Democratic brand primarily through deeply unpopular positions on open borders, defunding the police, and transgender politics. In effect, the party's socialist class is willing to sacrifice broader electoral viability to defend nation-killing policies that most voters reject.
Policies with cross-party support include a $15 federal minimum wage, a temporary 10% cap on credit card interest rates, restrictions on Wall Street's purchases of single-family homes, and expanded government intervention lowering drug prices.
Even Republican voters back several of those proposals by wide margins, suggesting the post-election policy threat to markets will extend beyond Democratic control of Washington.
Here's where the numbers are striking: About 80% of Republicans support banning large institutional investors from buying single-family homes, 79% favor capping credit card rates, and 75% back a $15 minimum wage. Across all voters, 63% support higher taxes on corporations and billionaires, while 59% favor government-provided health coverage.
Laperriere pointed out that President Trump and JD Vance have helped move Republicans away from Milton Friedman-style free-market economics by framing trade, corporate power, and economic transactions in increasingly zero-sum terms.
Laperriere said Democrats face a different kind of problem, noting that the party's socialist and progressive economic proposals are often popular, but its positions on policing, immigration, and gender remain deeply unpopular. Only 29%
