According to a recent poll, less than half of Americans believe that capitalism is functioning effectively in the U.S. This marks a notable decline from a decade ago when 60% held that view. As the nation approaches its 250th birthday, only 48% of respondents feel positively about capitalism. The survey, conducted by the Wall Street Journal and the National Public Opinion Research Center, reveals that 51% believe capitalism is performing poorly or not at all.
When it comes to democracy, the outlook is similarly bleak. Just 12% believe it is working very well, while 56% feel it is failing. Many participants in the study expressed a sense that the American Dream—this notion that hard work leads to success—is slipping away. Only 35% of respondents think it remains attainable, a decline from 53% just over a decade ago.
Interestingly, about 48% of those surveyed said the American Dream was once a reality but feels unreachable now, and 17% claimed it never existed. The poll, taken in the lead-up to Independence Day celebrations, highlights a surprising lack of enthusiasm for patriotism and national pride, with fewer than 40% expressing pride in American history. More than two-thirds believe the country is in decline.
Patriotism appears to be waning, with only 35% of Americans considering it very important, down from 60% in 2019. Additionally, less than a third view religion as a significant aspect of their lives, compared to about half four years ago.
The survey indicates clear disparities based on age and political affiliation. Roughly two-thirds of Republicans express pride in the nation’s history, while just about 20% of Democrats feel the same way. Furthermore, nearly half of Republicans subscribe to the idea of American exceptionalism, compared to a mere 8% of Democrats and 13% of independents. Younger individuals, particularly those aged 18-34, show a greater degree of pessimism regarding the country and their future, with only 42% believing capitalism is working well, versus 56% of those aged 65 and older.
Patriotism is also less important to younger respondents, with only 18% considering it very significant compared to 55% of those over 65. This comes amid a trend where left-leaning candidates are gaining traction, advocating for policies that challenge capitalism and propose socialism as an alternative to democracy.
Recent wins for figures like New York City Mayor Zoran Mamdani, alongside successes for Democratic Socialists in congressional primaries, illustrate this shift. According to Henry Olsen, a researcher from a Republican think tank, many people are losing faith in the idea that America functions for everyone. “They feel they cannot rely on public institutions to keep their promises,” he noted.
