But long-term trends were helping Republicans anyway. The defection of the South—America's most populous region—broke up the old Democratic coalition. In 2002, Republicans won the South by an even larger margin than in their landslide victory of 1994. The rise of an investor class (half of Americans own shares) benefits the party, because middle-class shareholders tend to back Republican causes such as privatising Social Security, the federal pensions system.
I think there is another mechanism at work. The article points out how, over time, our nation's wealth is growing. The stereotype that the Republicans are the party of and for the rich and the Democrats are the party of and for the poor has one true aspect, namely that the Republicans benefit when there are more rich and the Democrats benefit when there are more poor. One who is cynical about the Democrats (like me) might suggest that each party works in its own self-interest, and as such the Democrats have a vested interest in destroying wealth and creating more poor. But they are bucking the trend; our country continues to get wealthier and more comfortable. And the fewer poor there are, the worse it is going to get for them. This is the emerging Republican majority. Democrats have long thought that demographics pointed in their favor. They are wrong.
Interesting theory. Perhaps that's why so many Dems are trying to talk down the U.S. economy. :-)