Essentially, yes. You can already point to the Kochs' defection as a sign that the Chamber of Commerce era of the Pub party is dead. Obama's top poll and data guy spent some time on it recently as well:
https://www.politico.com/news/magaz...-democrats-future-david-shor-interview-436334
“The joke is that the GOP is really assembling the multiracial working-class coalition that the left has always dreamed of,” says David Shor, a Democratic polling and data expert who developed the Obama 2012 campaign’s internal election-forecasting system.
Trump, whose approval rating was historically low throughout his tenure as president, increased his support among Black men and Hispanic voters in key swing states, while maintaining his hold on white non-college educated voters. Democrats’ House majority shrank, thanks in part to losses in the suburbs, and split-ticket voting all but disappeared, dooming Democratic Senate candidates in rural, Trump-friendly states. And even while President-Elect Joe Biden is on track to win a higher share of the national popular vote than anyone challenging an incumbent president since Franklin D. Roosevelt, the future for Democrats now looks, well, bleak.
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If you think mechanically about the reinforcing currents that caused this, as college-educated white people enter the Democratic Party and become an increasingly large share of the Democratic Party while the reverse happens to Republicans, that naturally is going to influence who wins party primaries and what kind of people win internal party fights. In practice — given the fact that college-educated whites donate at disproportionate rates and volunteer at disproportionate rates — I think it’s going to be very hard for Democrats to resist the pull of catering to their preferences, which is naturally going to lead to losing votes among people who aren’t them: not just non-college educated whites, but, as we as we saw this cycle, also non-white voters.
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There is a broader trend, though, that as college-educated white people become a larger share of the Democratic coalition and a larger share of the Democratic voice, they do pull the party on cultural issues. Non-college educated white people have more culturally in common with working-class Black and working-class Hispanic voters. So, it should be unsurprising that as the cultural power of college-educated white people increases in the Democratic Party, non-white voters will move against us.