Americans Are Souring on Capitalism

Americans' love affair with capitalism may be cooling, according to the results of a Gallup poll released Monday. Just 54% of adults now view capitalism favorably—a 6-point dip since 2021 and the lowest rating Gallup has recorded since it started tracking in 2010. The poll, conducted in August, shows the biggest slide among Democrats and independents, with both groups' positive views dropping 8 points in two years. For the first time, fewer than half of Democrats (42%) have a good opinion of capitalism, while a slender majority of independents (51%) remain in the plus column. Republican sentiment hasn't budged, with 74% still in capitalism's corner.

Socialism, meanwhile, continues to lag overall, with just 39% of Americans seeing it in a positive light. But here's the twist: Democrats are now more upbeat about socialism than capitalism by a margin of 24 points (66% to 42%). Republican enthusiasm for socialism is nearly nonexistent, and independents aren't much more enthusiastic, with 38% viewing socialism favorably. There are similar differences in views of big business. While only 37% of Americans rate it positively, that breaks down to 60% of Republicans, 36% of independents, and just 17% of Democrats. For the latter two groups, that's a new low. According to Axios, the results reflect "a growing unease with the economy, rising inflation, and a stagnating job market."