A common explanation for Hillary Clinton’s loss in the 2016 presidential election was that she catered to minorities at the expense of the broader electorate. How does such a loss narrative influence voters' interpretation of subsequent elections? In a conjoint experiment, white and Black Democratic respondents were randomly exposed to a vignette that ascribed Democrats’ 2016 losses to their focus on identity politics. This narrative had an asymmetric effect on attitudes toward the 2020 election based on both race and gender. While it had no impact on white men’s or Black women’s understanding of why the Democrats lost the last presidential election or their candidate preferences for the next, it had a substantial impact on the electoral attitudes of white women and a moderate impact on those of Black men. Specifically, it shifted their support away from candidates committed to gender and racial equity and toward those emphasizing broad economic policies. The identity politics loss narrative thus may have acted as a self-fulfilling prophecy that advantaged white male candidates in the 2020 election.