Economic policies, sure. But there are social policies and perhaps more importantly a culture of intolerance that can affect people over a wide range of economic status.
I think I’d just add “straight white people” to the qualifier and then I’d agree though.
If I wanted to give it a bold facelift I’d just use the top one and remove the letters. Gives it an arrogant, “if you have to ask what this is…” vibe, which is probably a good thing for them.