America seems to have a lot of people who are unhappy with capitalism, even if they still want many of the things it offers.
A recent poll found that 75% of voters consider the economy either poor or not very good. And 44% say their own financial situation is getting worse, not better.
That frustration is understandable. The cost of living has become a persistent worry for many Americans. Still, inflation has fallen from its peak of about 9% a year during the Biden administration to roughly 3% under President Trump. Growth and employment remain strong by historical standards, and the poverty rate is at a record low. Yet voters are dissatisfied, and on Tuesday they backed Democrats, whose policies, in this view, contributed substantially to inflation and included years of efforts to raise the cost of gasoline and other fossil fuels.
Six new members of the Democratic Socialists of America were also elected to Congress this week, bringing the group’s total to at least eight. They support a sweeping redistribution of wealth.
But when a socialist proposal was put directly to voters on November 3, it lost. California’s proposed wealth tax, which would have imposed a new levy on accumulated wealth, was rejected by at least 57% of voters.
The polling paints a more complicated picture than election results alone might suggest. In one survey, 56% viewed capitalism favorably and 32% unfavorably. Socialism was viewed favorably by 33% and unfavorably by 53%, while the rest were unsure.
That gives capitalism a 23-point advantage in net favorability. In a separate poll, 61% said shifting the country away from capitalism toward socialism would be a bad thing, compared with 38% who said it would be good.
A recent Harris poll also found an interesting tension among young people. Some initially expressed support for socialism, but said they wanted to own homes and businesses and to be rewarded according to their contributions rather than paid equally.
Perhaps many people drawn to socialism are still, in practice, committed to capitalist ideas. Social media may help spread enthusiasm for the movement, but platforms such as TikTok are themselves built around competition and earnings tied to views and clicks. Imagine telling creators that everyone would be paid the same, while taking a portion of the followers of the most popular accounts. The backlash would be immediate.
Socialism may be gaining attention, and some candidates who identify with it are winning office. But its proposals have had a harder time when voters consider them on their own. Capitalism remains more popular, and support rises further when it is described as free enterprise.
What the country may have, then, is a large number of frustrated capitalists who feel shut out of homeownership, car ownership and other parts of middle-class life. The economic data may tell a different story, but that does not erase people’s sense that the system is failing them. Addressing those concerns may require less sweeping measures than socialism: lower interest rates and taxes, more domestic energy production, and health care that is affordable without a major government takeover.
