Why young Americans think the market has failed them
Last week, Gallup released a number that makes perfect sense to me but should worry the nation. For the first time since Gallup began asking the question in 2010, more than 4 in 10 Americans, 43%, reported they have a positive view of socialism. Among people between 18 and 34, the figure is much higher: 57% view socialism positively, while only 43% say the same about capitalism.
TL;DR
- 43% of Americans now view socialism positively, a new high since 2010.
- Among 18-34 year olds, 57% view socialism positively, compared to 43% for capitalism.
- Young people's concerns about financial survival, such as salaries, rent, and homeownership, are driving this shift.
- Economic insecurity, including student debt and uncertain career paths due to AI, contributes to disillusionment with traditional economic promises.
- Despite favoring socialism, young people still rate free enterprise (69%) and small businesses highly.
- The author suggests this interest in socialism is a practical response to perceived economic failures rather than a radical ideological embrace.
- Colleges and universities are noted for not always requiring economics or social theory, leaving students less informed about market systems.
- Half of Americans under 30 lived with parents in 2025, up significantly from 2019, highlighting housing affordability issues.