Recently a reader asked me why I focus on polls rather than political betting markets for insights into the race and whether I thought polls were more reliable. I was honestly baffled by the question. To me this was like asking whether I thought a scale was a better way to measure weight than dead reckoning. And I’m not trying to be critical of the reader, who is probably reading this. I gave him my answer and we had a good exchange. But I thought it was worth sharing my thoughts on this question.
My analogy about scales is certainly imperfect in a number of ways, just as polls are imperfect. Indeed, it isn’t even really a question of which is better. The most important thing to understand about the relationship between polls and political betting markets is that the latter is largely downstream of the former. Most bets in political betting markets are driven by people looking at polls and betting accordingly. So by definition they can’t be better. Because the bets are derived from the polls.
But there are a few other points that are worth noting and which are worth considering in a broader context.
Read MoreI heard from a reader yesterday who saw one of the country’s top political journalists give a public presentation about the race. The run-down I got of that event crystallized something I’ve been giving a lot of thought to over the last few months and writing about here and there. At the elite level, political journalists have a basic contempt for Democrats. It’s not even very concealed because in a way it’s hardly even recognized as such. This continues to be the case despite the fact that most of the people I’m talking about, if they vote, probably vote for Democrats. They are socio-economically and culturally, if not always ideologically, the peers of Democrats. We often confuse cosmopolitan social values for liberalism. If anything, this basic pattern has become more the case over the last decade. These people are highly educated. They are affluent. They are the creatures of the major cities.
Are they secretly rooting for Donald Trump? Hardly. Or at least not in the great majority of the cases. Trump is a tiger on the savanna, dangerous but also fascinating and above all alien. That’s why the notorious rustbelt diner interview stories were and are such a staple. They’re safaris. It defines the coverage, and in ways seldom helpful for Democrats in electoral political terms.
Read More