There is a lot of truth to this argument, but I also think that too many analysts are jumping on this explanation without enough analysis of the data. As Saunders has pointed out, the median income of a Trump voter was $72,000. This is not a person who was hurting financially. In both Brexit and in the case of the US, there is a clear and important racial component at work. The Tea Party supporters were also quite wealthy, but their major problem was they could not stand having an African American President. Remember that 90% of the people who voted for Trump were white. There were plenty of non-white people who suffered from the housing crisis and its aftermath. They did not vote for Trump. Many of them did not vote at all. This underlines the extent to which this vote had race at its heart. We ignore this at our peril.