Isn't it recognized that PE Trump also found a large untapped reservoir of blue collar Americans that liked his populist language?   Like you said, nobody lost money by underestimating the masses.   The populist vote went to Trump, much of it taken out from underneath the nose of Democrats who thought they had this group locked up.

I am no populist, never have been.     On the flip side I'm not in favor of a political extreme that caters primarily to ownership/wealth.     I don't want to punish this class, I often admire their accomplishments, but I'm certainly not going to cry crocodile tears over higher personal income tax's either.   To not recognize the advantages of wealth from birth is an act of intentional ignorance.     Equal opportunity for all Americans is pure fantasy and it doesn't matter if your liberal (give them guilt money) or conservative(let them eat cake).

It's not an easy balance and we shouldn't make it 'simple' just for populist appeal.