Positive view of capitalism is slipping among Americans, according to Gallup poll

American enthusiasm for capitalism is slipping, especially among Democrats. That’s the headline from a new Gallup poll out this week.

Gallup has been asking Americans how they feel about capitalism and socialism since 2010. Jeffery Jones runs that survey.

“The debate has come up certainly in the last few presidential elections about the economic system that the U.S. has,” he said — and whether it’s serving ordinary Americans.

In this latest survey, just 54% of respondents said they view capitalism positively. That’s down from 60% the last time Gallup asked in 2021.

“And now the gap that we see in terms of positive ratings between capitalism and socialism is the smallest that we’ve had to date,” Jones said.

That gap is especially small among younger people and Democrats.

It’s worth noting that Gallup doesn’t brief people on a shared definition of capitalism or socialism or ask them about their own understanding.

“They maybe have a mixed understanding would be my impression,” said Sarah Damaske, who teaches those concepts to undergrads at Penn State. “And I think that it’s shaped by how these terms get bandied about in politics.”

Regardless, Demaske said capitalism’s image problem tells us something important: Fewer Americans feel the economic status quo is working in their favor.