A new Gallup poll shows Americans’ confidence in capitalism has slipped to its lowest point in 15 years of tracking. Just 54% now say they have a positive view of capitalism, down from 61% in 2010. Meanwhile, favorable views of socialism have inched up from 36% to 39% over the same period.
Public figures embracing socialism
The poll comes as prominent Democrats who identify as democratic socialists – including New York City mayoral candidate Zohran Mamdani, Rep. Alexandria Ocasio-Cortez, D-N.Y., and Sen. Bernie Sanders, I-Vt., – have been in the spotlight. Their platforms have included proposals such as government-run grocery stores and free public busing.
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Mamdani is leading in New York polls, while Sanders and Ocasio-Cortez drew large crowds this spring during Sanders’ “fighting oligarchy” tour. Gallup noted that Democrats’ rising approval of socialism coincides with more high-profile officials embracing the label and advocating for a larger government role in the economy.
Partisan divide on capitalism
The survey highlights a widening partisan gap. Republicans overwhelmingly favor capitalism (74%) compared with Democrats (42%). It is the first time Gallup polling has found Democratic approval of capitalism falling below half.
Unbiased. Straight Facts.TM
The popularity of capitalism in the U.S. has dropped to its lowest level in 15 years, according to Gallup, with just 54% of respondents holding a favorable view.
Democrats now view socialism more favorably than capitalism, 66% to 42%. Republicans strongly favor capitalism over socialism, 74% to 14%.
Younger Democrats driving the shift
Age plays a major role within the Democratic Party. Among Democrats under 50, only 31% have a positive image of capitalism. That compares with 49% of Democrats 50 and older.
Views on business and fairness
Americans’ opinions on economic fairness appear to be changing. Just 37% of respondents overall have a positive view of big business, down from a high of 58% in 2012. Negative views are at 63%.
The partisan breakdown shows 60% of Republicans still view big business positively, but that’s a steep decline from 78% in 2018. Only 17% of Democrats feel the same – down from a peak of 48% in 2016.
By contrast, small businesses and free enterprise continue to receive strong support. Gallup reports 95% of Americans view small business favorably, and 81% approve of free enterprise overall.
Homelessness and Poverty
A separate AP-NORC survey finds 54% of Americans believe the government doesn’t spend enough to support people in need. At the same time, six in ten say personal choices play a major role in driving poverty and homelessness.
Bottom line on business
Gallup says Americans remain broadly positive toward the U.S. economic system, but enthusiasm for capitalism itself is waning – even as small businesses and free enterprise continue to earn overwhelming support.
