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Date: Wed, 27 Jul 2022 13:12:17 +0000
To: Andrew Sterling <andrew@sterlingcal.com>
From: The Signal <newsletter@thesgnl.co>
Reply-To: The Signal <newsletter@thesgnl.co>
Subject: =?UTF-8?Q?America=E2=80=99s_Shape-Shifting_Electorate?=
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max-width: 0px; opacity: 0; overflow: hidden;">
=09=09=09<p>&nbsp;</p>

=09=09=09<p>Is the U.S. Republican Party becoming a &ldquo;multi-racial, wo=
rking-class&rdquo; coalition? Matt Grossmann assesses the evidence for a ma=
jor political realignment in America.</p>
=09=09=09</td>
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=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
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=09=09=09<!-- [if mso | IE]>
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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-left: 10px; pa=
dding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px; padding-bottom: 24px;">
=09=09=09=09=09=09<div class=3D"header-text" style=3D"cursor: auto; color: =
#b7985e; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica=
,sans-serif; font-size: 24px; font-weight: bold; line-height: 32px; text-al=
ign: left;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"header-text" style=3D"cursor: auto; color: =
#b7985e; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica=
,sans-serif; font-size: 24px; font-weight: bold; line-height: 32px; text-al=
ign: left;">Movement and Mirage</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
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=09</tbody>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">Is the U.S. R=
epublican Party becoming a &ldquo;multi-racial, working-class&rdquo; coalit=
ion? <strong>Matt Grossmann</strong> assesses the evidence for a major poli=
tical realignment.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"Victor F=
reitas" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/=
017/128/681/mail/686F851F-4DDB-4AB8-BDCC-C47D9883BED1.jpeg?1658817163" styl=
e=3D"border: none; border-radius: 0; display: block; outline: none; text-de=
coration: none; width: 100%; height: auto;" title=3D"Victor Freitas" width=
=3D"650" /></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif; font-weig=
ht: 400; font-size: 13px; line-height: 21px; text-align: center;">Victor Fr=
eitas</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Hispa=
nic voters in America are &ldquo;literally cascading into the Republican Pa=
rty,&rdquo;</strong> Donald Trump said last week, according to Fox News. Sp=
eaking on a call with Turning Point USA, a group that advocates for conserv=
ative values on American educational campuses, the former U.S. president al=
so claimed the Republicans were &ldquo;becoming the party of the worker and=
 the party of just about everybody, frankly.&rdquo; For all his characteris=
tic hyperbole, Trump was alluding to something real: As The New York Times =
reports, based on the latest round of the regular survey it conducts in col=
laboration with Siena College, &ldquo;Republicans appear to be making new i=
nroads among nonwhite and working-class voters&mdash;perhaps especially His=
panic voters.&rdquo; In fact, for the first time in the survey series, &ldq=
uo;Democrats had a larger share of support among white college graduates th=
an among nonwhite voters.&rdquo; It&rsquo;s an especially remarkable findin=
g, given that the Democratic Party had &ldquo;won more than 70 percent of n=
onwhite voters while losing among white college graduates&rdquo; in congres=
sional elections just six years ago. The new data has reinforced an emergin=
g view among political analysts at mainstream U.S. media outlets that&mdash=
;despite the traditionally common sense that the Republicans disproportiona=
tely represent the white and the wealthy, while the Democrats represent the=
 non-white and the non-wealthy&mdash;the Republican Party is now becoming a=
 &ldquo;multi-racial, working-class&rdquo; coalition. Is that really what&r=
squo;s happening?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Matt =
Grossmann</strong>&nbsp;is a professor of political science at Michigan Sta=
te University, where he directs the Institute for Public Policy and Social =
Research. Grossmann thinks it&rsquo;s true that the polarization of America=
&rsquo;s white voters along educational lines is clear and likely to contin=
ue&mdash;and could plausibly spread to non-white voters, particularly Hispa=
nics, over time. But the broader picture he sees is more complicated than t=
he narrative of the Republican Party becoming a &ldquo;multi-racial, workin=
g-class&rdquo; coalition suggests. After all, the vast majority of non-whit=
es still aren&rsquo;t voting for Republican candidates, and some of the non=
&ndash;college-educated whites who are voting for them have high incomes, c=
omplicating the question of their &ldquo;class.&rdquo; Neither is there cle=
ar evidence on whether non-whites without college degrees are genuinely mov=
ing to the right. But there is evidence, Grossmann says, that more and more=
 people across the American political spectrum are developing their party i=
dentities in relation to how they perceive the cultural influence of elite =
institutions&mdash;universities, the media, large corporations&mdash;that t=
hey associate with progressive values and progressive politics.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&mdash;&mdash=
;&mdash;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Graha=
m Vyse</strong>: How do you see support for America&rsquo;s two political p=
arties shifting along educational lines?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Matt =
Grossmann</strong>: If you&rsquo;re a white, college-educated voter in Amer=
ica today&mdash;or you live somewhere in the U.S. where you&rsquo;re surrou=
nded by white, college-educated voters&mdash;you&rsquo;re likely to be tren=
ding toward the Democratic Party. The opposite&rsquo;s true of white voters=
 without college degrees. These trends predate Donald Trump&rsquo;s rise to=
 the presidency in 2016, but he certainly accelerated them. It used to be t=
hat white, college-educated voters were more likely to vote Republican.</di=
v>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">Talking about=
 voters in terms of their education is different from talking about them in=
 terms of their broader &ldquo;class,&rdquo; which incorporates their educa=
tion, income, and occupational status. It&rsquo;s actually voters with high=
 incomes and low levels of formal education who&rsquo;re moving right; vote=
rs with higher levels of formal education but lower incomes&mdash;your quin=
tessential graduate students&mdash;are moving left.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">Education-bas=
ed divisions among minority voters in the U.S. are still way more uncertain=
 than some tend to assume. I looked at polling from before the 2020 electio=
n, and even when you have adequate samples of Hispanic-American, African-Am=
erican, and Asian-American voters&mdash;and you&rsquo;re able to differenti=
ate across college-education levels&mdash;you don&rsquo;t see consistent tr=
ends in which those voters split by education level. You just don&rsquo;t s=
ee the clear education-based divide among them that you see among white vot=
ers. Now, there may have been a shift in 2020, but that hasn&rsquo;t been s=
ufficiently confirmed by survey work. There was a clear shift between 2016 =
and 2020 in the overall Hispanic vote, though, which moved toward Republica=
ns while the rest of the country was moving toward the Democrats.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Vyse<=
/strong>: What explains that?</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2FxkfTAIr0SLQPnvbenecIvw%2FP763892CdJFMs0J3GToCrZlBjA/1/0=
10f01823fc95e64-3bf2cba0-4cf3-4baa-82a2-837be4cc6a5a-000000/xIvVMcsnsTahhsC=
XnHfez8RREIA=3D65" rel=3D"noopener" target=3D"_blank"><img alt=3D"Advertise=
ment" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/01=
7/134/613/mail/DD29E714-BC69-4C38-BE2A-5EC136C25CDE.jpeg?1658845193" style=
=3D"border: none; border-radius: 0; display: block; outline: none; text-dec=
oration: none; width: 100%; height: auto;" title=3D"Advertisement" width=3D=
"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif; font-weig=
ht: 400; font-size: 13px; line-height: 21px; text-align: center;">Advertise=
ment</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><strong>Gross=
mann</strong>: Part of what we&rsquo;re seeing is ideological sorting. Whit=
e voters have sorted ideologically over a long time&mdash;there are virtual=
ly no white liberal Republicans or white conservative Democrats anymore&mda=
sh;but the same thing hasn&rsquo;t happened to the same degree among Hispan=
ic voters. Many conservative Hispanic voters remain Democrats, for example.=
 Yet in 2020, Hispanic voters were more likely to support Bernie Sanders in=
 the Democratic presidential primary and Donald Trump in the general electi=
on than they were in 2016. Hispanics who&rsquo;re more liberal were trendin=
g in a more liberal direction and Hispanics who&rsquo;re more conservative =
were trending in a more conservative direction. This behavior seems to have=
 been tied to the country of origin of the voter&rsquo;s family: If they&rs=
quo;d moved to the U.S. from a country with a left-leaning government, they=
 were more likely to be trending conservative.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">As Hispanics =
have moved toward the Republican Party, plenty have tried to explain the sh=
ift. I&rsquo;m skeptical about explanations that have to do with Republican=
s&rsquo; political mobilization, or campaigns, or advertising, because we&r=
squo;ve seen this shift in places where those interventions didn&rsquo;t ha=
ppen.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">Another expla=
nation has to do with how Hispanic voters tend to respond to incumbent pres=
idents: It seems that, in presidential elections prior to 2020, Hispanic vo=
ters tended to move toward the incumbent. But that year, they increased in =
their support for Republicans even where the candidates weren&rsquo;t incum=
bents. The 2020 campaign also centered on different issues than the 2016 ca=
mpaign did. Whereas immigration was extremely important in 2016, subjects l=
ike the pandemic, Covid restrictions, the economy, and crime were elevated =
in 2020. This may have contributed to Hispanic voters&rsquo; decision-makin=
g.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
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</td></tr></table>
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"Giovanny=
 Ayala" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/=
017/128/697/mail/B2C0EC00-B553-49F8-9D18-7262561EB030.jpeg?1658817263" styl=
e=3D"border: none; border-radius: 0; display: block; outline: none; text-de=
coration: none; width: 100%; height: auto;" title=3D"Giovanny Ayala" width=
=3D"650" /></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">
=09=09=09=09=09=09<div style=3D"cursor: auto; color: #95989c; font-family: =
-apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,sans-serif; font-weig=
ht: 400; font-size: 13px; line-height: 21px; text-align: center;">Giovanny =
Ayala</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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<![endif]--></td>
=09=09</tr>
=09</tbody>
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</td></tr></table>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"left" style=3D"word-break: break-word; font-=
size: 0px; padding: 0px;">
=09=09=09=09=09=09<div class=3D"text-default" style=3D"cursor: auto; color:=
 #000000; font-family: -apple-system,BlinkMacSystemFont,'Segoe UI',Helvetic=
a,sans-serif; font-size: 16px; line-height: 24px; text-align: left; font-we=
ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><em>More from=
 Matt Grossmann at The Signal:</em></div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>In America, you still see a lot of high-income voters</strong> in the Rep=
ublican Party, and you still see a lot of high-income politicians and other=
 elites who are more concerned with economic than cultural issues. But ther=
e&rsquo;s also a disconnect between elites and non-elites&mdash;within both=
 parties: Republican donors are way to the right of their party&rsquo;s vot=
er base on the issue of taxes; Democratic donors are way to the left of the=
ir party&rsquo;s voter base on the issues of abortion and guns. In other co=
untries, these different interests would distribute themselves across a num=
ber of different political parties, but in the U.S., there are only two maj=
or parties, so the vast majority of voters end up in one or the other.&rdqu=
o;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>The Democratic Party used to be very reliant on the idea</strong> that th=
ey represented lower-income people while Republicans represented rich peopl=
e. In fact, if you asked Americans what they liked about Democrats, the num=
ber one thing they would say, for decades, was that the Democrats were the =
party of the working class or the middle class. The number-one thing Americ=
ans said they disliked about Republicans was that the Republicans were the =
party of the rich or big business. An important dimension of Democrats&rsqu=
o; image is fading, because their party is increasingly the home of white, =
college-educated voters.</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&ldquo;<stron=
g>It&rsquo;s important to acknowledge that conservatives are reacting</stro=
ng> to liberal trends in the culture. Things really are moving in a liberal=
 direction in many ways; the country is diversifying and becoming more acce=
pting of what used to be thought of as alternative lifestyles. It&rsquo;s a=
lso becoming less religious and less white. Now, it might be difficult for =
progressives to understand how a Hispanic voter could worry about the count=
ry diversifying or becoming less culturally conservative&mdash;yet some con=
servative Hispanic voters indeed worry about them. Those sentiments simply =
aren&rsquo;t off-limits for Hispanic people. It&rsquo;s also worth noting t=
hat 2020 was the first year of the pandemic, and conservatives weren&rsquo;=
t making up the fact that the government&rsquo;s response involved telling =
people what to do&mdash;change their behavior in public, wear masks, close =
their businesses. And Hispanic small-business owners may well have responde=
d negatively to that.&rdquo;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
=09=09=09=09=09=09</div>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
  <tr>
    <td style=3D"line-height:0px;font-size:0px;mso-line-height-rule:exactly=
;">
<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
 direction: ltr; font-size: 13px; text-align: left; width: 100%;">
=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
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=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/123/165/ma=
il/CONTINUE_READING.001.png?1648160105" style=3D"border: none; border-radiu=
s: 0; display: block; outline: none; text-decoration: none; width: 100%; he=
ight: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
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=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
</td></tr></table>
<![endif]--></td>
=09=09</tr>
=09</tbody>
</table>
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</td></tr></table>
<![endif]--><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"600" align=3D"center" style=3D"width:650px;">
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<![endif]-->

<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0"><tr><td style=3D"vertical-align:top;width:650px;">
<![endif]-->
=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><img alt=3D"" class=
=3D"" height=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/01=
7/123/166/mail/SGNL-RULE-GOLD-1.png?1653432544" style=3D"border: none; bord=
er-radius: 0; display: block; outline: none; text-decoration: none; width: =
100%; height: auto;" title=3D"" width=3D"650" /></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;">&nbsp;</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;">&nbsp;</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
=09=09=09=09</tbody>
=09=09=09</table>
=09=09=09</div>
=09=09=09<!-- [if mso | IE]>
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0" width=3D"600" align=3D"center" style=3D"width:650px;">
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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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0"><tr><td style=3D"vertical-align:top;width:650px;">
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=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
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=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2FFhTVx2JjkrVpMyqOVYYJUw%2FP763892CdJFMs0J3GToCrZlBjA/1/0=
10f01823fc95e64-3bf2cba0-4cf3-4baa-82a2-837be4cc6a5a-000000/L69EmCyn4_QLqOg=
umIfZyF3jwCU=3D65" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=
=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/123/263/ma=
il/SGNL-TRACK-7-25-4.jpeg?1658786064" style=3D"border: none; border-radius:=
 0; display: block; outline: none; text-decoration: none; width: 100%; heig=
ht: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
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=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
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le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
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ight: 400;">
=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;"><a href=3D"ht=
tps://c19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%=
2F47QrwdESMr6NDlbHE4k9mA%2Fzsmz763c531hwWkCwIvG1Kyw%2FP763892CdJFMs0J3GToCr=
ZlBjA/1/010f01823fc95e64-3bf2cba0-4cf3-4baa-82a2-837be4cc6a5a-000000/js1CTi=
H5eQ-or38xFjZTTB_rVeE=3D65" rel=3D"noopener" style=3D"color: #333333; text-=
decoration: underline;" target=3D"_blank"><strong>The Signal</strong></a>&n=
bsp;explores urgent questions in current events around the world&mdash;to s=
upport it and for full access:</div>

=09=09=09=09=09=09<div class=3D"revue-p" style=3D"margin: 0;">&nbsp;</div>
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=09=09=09=09<tbody>
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=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2FNj892OdylnW8ZfdCrIMY8Eew%2FP763892CdJFMs0J3GToCrZlBjA/1=
/010f01823fc95e64-3bf2cba0-4cf3-4baa-82a2-837be4cc6a5a-000000/3kPVlP9-Kb5_7=
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t=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/123/169/m=
ail/ALT_AVENIR_FINAL.002.png?1642197990" style=3D"border: none; border-radi=
us: 0; display: block; outline: none; text-decoration: none; width: 100%; h=
eight: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09</table>
=09=09=09=09=09=09</td>
=09=09=09=09=09</tr>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px; padding-top: 16px;">&nbsp;</td>
=09=09=09=09=09</tr>
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<table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"font-size: 0px; width: 100%;">
=09<tbody>
=09=09<tr>
=09=09=09<td class=3D"indented" style=3D"text-align: center; vertical-align=
: top; direction: ltr; font-size: 0px; padding: 0px; padding-bottom: 10px; =
padding-left: 10px; padding-right: 10px;"><!-- [if mso | IE]>
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0"><tr><td style=3D"vertical-align:top;width:650px;">
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=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=3D"mj-column-per-=
100 outlook-group-fix" style=3D"vertical-align: top; display: inline-block;=
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=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr=
esentation" width=3D"100%">
=09=09=09=09<tbody>
=09=09=09=09=09<tr>
=09=09=09=09=09=09<td align=3D"center" style=3D"word-break: break-word; fon=
t-size: 0px; padding: 0px;">
=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"0" role=3D"presentation" style=3D"border-collapse: collapse; b=
order-spacing: 0px;">
=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td style=3D"width: 650px;"><a href=3D"https://c=
19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47Qrw=
dESMr6NDlbHE4k9mA%2Fa6zKcrjFmr2M2koRqJYxDw%2FP763892CdJFMs0J3GToCrZlBjA/1/0=
10f01823fc95e64-3bf2cba0-4cf3-4baa-82a2-837be4cc6a5a-000000/WMWPj8ZmKUOEolJ=
VHg2eCx3NYNc=3D65" rel=3D"noopener" target=3D"_blank"><img alt=3D"" height=
=3D"auto" src=3D"https://s3.amazonaws.com/revue/items/images/017/123/170/ma=
il/GNGL_BLK_SHORT_GOLD_LINE.001.png?1653330253" style=3D"border: none; bord=
er-radius: 0; display: block; outline: none; text-decoration: none; width: =
100%; height: auto;" title=3D"" width=3D"650" /> </a></td>
=09=09=09=09=09=09=09=09</tr>
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=09=09=09=09=09=09<p>&nbsp; <!-- [if mso | IE]>
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=09=09=09=09=09=09<div style=3D"margin: 0px 20px; max-width: 650px;">
=09=09=09=09=09=09<p>&nbsp;</p>

=09=09=09=09=09=09<table align=3D"center" border=3D"0" cellpadding=3D"0" ce=
llspacing=3D"5" role=3D"presentation" style=3D"font-size: 0px; width: 100%;=
">
=09=09=09=09=09=09=09<tbody>
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=09=09=09=09=09=09=09=09=09<td class=3D"indented" style=3D"text-align: cent=
er; vertical-align: top; direction: ltr; font-size: 0px; padding: 0px; padd=
ing-bottom: 0px; padding-left: 10px; padding-right: 10px;">
=09=09=09=09=09=09=09=09=09<div aria-labelledby=3D"mj-column-per-100" class=
=3D"mj-column-per-100 outlook-group-fix" style=3D"vertical-align: top; disp=
lay: inline-block; direction: ltr; font-size: 13px; text-align: left; width=
: 100%;">&nbsp;
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g=3D"5" role=3D"presentation" width=3D"100%">
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rsor: auto; color: #000000; font-family: -apple-system,BlinkMacSystemFont,'=
Segoe UI',Helvetica,sans-serif; font-size: 16px; line-height: 24px; text-al=
ign: left; font-weight: 400;">
=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"text-align: center;">&nbsp;=
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