Put this in the Schauenfreude department:
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.
In addition to citing several major long-time GOP donors who are now supporting Democrats, the WSJ has numbers: “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.”
And, “Hedge funds last year gave 77% of their contributions in congressional races to Democrats, up from 71% during the 2004 election… Last year the securities industry gave 45% of its money to Republicans, down from 58% in 1996.”
The end result of all this is a near-bankruptcy for the party that is going to seriously hamper its national campaign efforts. It’s amazing they could screw things up this badly just seven years after taking the White House and five years after taking Congress.