Agreed.  Really, I think it's a lot of both, and the line between the two can be pretty blurry in the real world.  But I don't think scapegoating blacks/gays/Jews/Latinos/whatever would earn you much political capital outside of maybe 5% of the electorate these days.  Even the immigration stuff only appeals to about 25% of the electorate who really care about the borders, and they're all Republicans anyway.  Back in the early-20th Century it would've worked, but nowadays you'd have to scapegoat -- oh, I dunno -- speculators.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin