That is the correct analysis in my view. There was, in fact, an explicit policy decision in the 1970s to realign the Democratic party with the professional class. The party now stands for doctors and lawyers and tax analysts, and the like, well-heeled professionals of all stripes. Basically the 5%. Their ideology is now firmly neo-liberalism, meaning free market liberalism welded to shallow, cynical identity politics, exemplified by Cory Booker and his slimy collaboration with the nutcase Betsy DeVos. Hell, it's looking more and more likely a corporate stalking horse like Booker will end up being the 2020 presidential candidate. Iron law of institutions. It's so depressing.