Support for capitalism in the US falls to a new low, Gallup poll finds

According to a new poll released by Gallup, only 54% of US adults view capitalism positively.

This is the lowest rate since the polling group began asking its first questions on the topic 15 years ago.

In 2010, Gallup first asked the question: “Just off the top of your head, do you have a positive or negative image of capitalism and socialism?”

At that time, about 60% of respondents said they had a positive view of capitalism. Aside from a slight dip in 2018, that figure remained relatively stable until 2021.

On the other hand, the percentage of those who view socialism positively has hovered around 39% since 2010.

Selling the American Dream is becoming increasingly difficult. The latest poll, conducted in August, follows a series of data points indicating a tight labor market, declining consumer confidence, and a growing number of Americans who no longer believe that hard work is the key to success.

Nevertheless, Americans still hold a great deal of admiration for certain aspects that can be associated with capitalism.

For example, in the latest poll, 95% of respondents said they support small businesses, while 81% said they support free enterprise.

On the other hand, only 37% of respondents viewed big business positively, a far cry from the peak positive rating of 58% in 2012.

Sixty percent of Republicans, 36% of independents, and 17% of Democrats view big business positively, with the latter two figures marking new lows for these groups.

Republicans still overwhelmingly support capitalism (74%) compared to socialism (14%).

Democrats and Independents have reduced their support for capitalism over the last four years of the poll.

This year, for the first time, a majority of Democrats viewed socialism positively (66%), while only 42% viewed capitalism positively.