Since we’ll hear a lot, again, about “populism”, let’s remember, again, that 19th-century US populism had a healthy strain of leftwing politics. Defending workers, riling up bankers, decrying the “cross of gold” and economic conservatism: look past his Bible-bashing, and William Jennings Bryan was a precursor to Franklin Roosevelt. Yet for much of this election year, the populists’ modern-day successors in the Democrats have served up an anti-populism: telling voters they were wrong.

Americans were told they were wrong to see the corrosion of Joe Biden’s abilities, and wrong to think that his replacement should not be decided in a giant backroom stitch-up. They were wrong not to enjoy the US economic miracle, and wrong not to worry about the future of democracy. Black and brown people and students were wrong to expect the party to oppose the bloodbath in Gaza. Latinos were ungrateful to desert the party of racial equality, while Black men were boneheaded not to back a Black woman. Everyone was wrong not to lap up the rallies opened by Beyoncé and Usher, the skits on Saturday Night Live and that clip of Barack Obama rapping. Why couldn’t they just feel the joy?

For reasons I’ll explain in a moment, I’m no fan of explanations that begin and end with the bogeyman of “populism”. They almost always wind up with well-lunched commentators ventriloquising the opinions of people they’ve never talked to and in whose worlds they’ve never set foot. Look at the exit polls and you see a materialist explanation for what’s just happened: two out of three US voters report their economy is bad. And they have an excellent point. As I wrote last month, look at the data over the long run and two big trends stand........

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