A new poll says capitalism’s hold over the U.S. population is slipping.
Only 54 percent of Americans view the economic system of capitalism favorably, down from 60 percent in 2021. It’s the lowest percentage since Gallup began collecting data in 2010.
Both Democrats and independents view capitalism less positively this year, as well. Less than half of Democrats, 42 percent, have a positive image of capitalism. Just over half of independents feel the same, compared to three-quarters of Republicans (whose views on the economic system haven’t changed since 2010).
What about the alternatives? Socialism still polls positively for 39 percent of respondents, holding steady since 2019.
But if you dig a little deeper, there are two diverging perspectives hidden behind that steady number: Democrats’ view of socialism has been increasing, while Republicans’ view has been decreasing.
While around 50 percent of Democrats had a positive view of socialism in 2010, nearly two-thirds do today. They’re the only partisan group who view socialism more positively than capitalism, at 66 to 44 percent, respectively.
It’s not hard to see why people may be fed up with the economic status quo. The cost of buying a home has skyrocketed, especially after the Covid-19 pandemic, and wages haven’t kept up. And since 2001, rents have risen 10 times faster than income.
Democratic socialist politicians like Bernie Sanders and New York City mayoral nominee Zohran Mamdani have become more popular recently, as voters look to leaders who acknowledge that the cost of living is unacceptable.
Things have gotten so bad, it seems that even President Donald Trump may have lost his faith in capitalism—just ask Intel or Nippon.
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