Capitalism and Socialism

Americans aged 18 to 29 are as positive about socialism (51%) as they are about capitalism (45%). This represents a 12-point decline in young adults' positive views of capitalism in just the past two years and a marked shift since 2010, when 68% viewed it positively. Meanwhile, young people's views of socialism have fluctuated somewhat from year to year, but the 51% with a positive view today is the same as in 2010.
- FRANK NEWPORT, Democrats More Positive About Socialism Than Capitalism, Gallup, AUGUST 13, 2018

The findings show that the fraction of kids earning more than their parents has fallen dramatically – from 90 percent for kids born in the 1940s to 50 percent for kids born in the 1980s.

“It’s basically a coin flip as to whether you’ll do better than your parents,” said economics Professor Raj Chetty, a senior fellow at the Stanford Institute for Economic Policy Research and one of the study’s authors.

One of the most comprehensive studies of intergenerational income mobility to date, the study used a combination of Census data and anonymized Internal Revenue Service records to measure the rate of “absolute income mobility” – or the percentage of children who earned more than their parents – for people born between 1940 and 1984.

What emerged from the empirical analysis was an economic portrait of the fading American Dream, and growing inequality appeared to be the main cause for the steady decline.
- MAY WONG, Today’s children face tough prospects of being better off than their parents, Stanford researchers find, Stanford News, DECEMBER 8, 2016

An economy in which private property is protected, private enterprise is rewarded, markets set prices and profits provide incentives will, over time, generate more wealth, innovation and charity — and distribute each far more widely — than any form of central planning.
- Bret Stephens, Capitalism and the Democratic Party, NYT, March 8, 2019

It should come as no surprise that resentment and fear have become rampant in the United States, and that President Trump got elected on a promise to turn the clock backward on globalization. ... Nor should it surprise anyone that fully half of the rising generation of Americans, aged 18 to 29, according to Gallup polling, have a positive view of socialism. ...
Warren Buffett has been calling for higher taxes on the rich, and this year the hedge-fund billionaire Ray Dalio admitted that “capitalism basically is not working for the majority of people.” Peter Georgescu, chairman emeritus of Young & Rubicam, has put it perhaps most succinctly: He sees capitalism “slowly committing suicide.” ...
But the poll also revealed that Americans feel deeply pessimistic about the nation’s future and fear that worse political conflict is coming. Some military analysts and historians agree and put the odds of a civil war breaking out in the United States frighteningly high.
- Anu Partanen and Trevor Corson, Finland Is a Capitalist Paradise, NYT, Dec. 7, 2019

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