Yeah, it's very reminiscent of all the "Stupid or Evil?" question that comes up almost every time Bush announces a policy. The third possibility, about how campaigning is a kabuki theatre where it's not polite to bring up reality, is a really good point too.
I don't agree with this as an example of destructive us-vs-them politics though.
Railing against a rich elite just isn't the same as dividing the population based on race or religion or culture. It doesn't elicit the same overwhelming, visceral emotions and it doesn't direct fear and anger towards vulnerable groups.
You rant about the fat cats on Wall Street, and maybe the top marginal rate goes up. You rant about scary bearded brown people and they get bombs dropped on them. I guess this would be different if it were France in 1789, but it's not.