The establishment continues to dismiss the growing support for socialism among young people as nothing more than college indoctrination. That is only part of the story. If we refuse to understand why an entire generation is losing faith in capitalism, then we are destined to repeat the very mistakes that gave rise to socialism throughout history. The Fox News analysis citing Heartland Institute and Rasmussen polling noted that 53% of Americans aged 18 to 39 said they would support a Democratic Socialist for president, while 76% favored nationalizing industries such as health care, energy, and big tech. The overwhelming motivation is not ideology, it is economic despair.
Young Americans have entered adulthood during one of the most distorted economic periods in modern history. Housing has become unattainable for millions. According to the same polling, 74% of young voters believe America is facing a housing crisis, 62% say the economy is unfair to young people, and 36% describe themselves as struggling financially or in outright crisis. When asked why they supported democratic socialism, the most common answer was simple: housing costs. This is precisely what governments never want to admit. People do not abandon free markets because they suddenly become Marxists. They lose faith when the system no longer appears to reward hard work or provide a realistic path toward owning a home, raising a family, or building wealth.
This is hardly unique to the United States. Across Europe, Canada, Australia, and much of the developed world, younger generations face soaring rents, stagnant real wages after inflation, enormous student debt, and some of the weakest housing affordability on record. Many graduates cannot find careers matching their education, while others remain trapped in temporary work or are forced to live with their parents well into adulthood. Governments spent decades inflating asset prices through endless debt expansion and artificially low interest rates. Those who already owned homes and financial assets became wealthier, while those entering the workforce found themselves permanently priced out. That is not capitalism functioning properly. It is the direct consequence of governments manipulating markets and accumulating unsustainable debt.
The politicians will blame corporations. Universities will blame capitalism. The socialists will promise that government ownership is the solution. They all conveniently ignore that governments created much of this crisis themselves.
History demonstrates that socialism gains support not when capitalism succeeds, but when governments corrupt free markets until ordinary people no longer recognize them. The Roman Empire followed the same path, debasing its currency while expanding state control until confidence collapsed. Every sovereign debt crisis eventually creates demands for greater redistribution because people become desperate. We are watching that cycle unfold once again. The danger is that socialism will not solve the underlying problems of debt, declining productivity, or demographic collapse. It merely transfers more power to the same governments whose reckless policies created the crisis in the first place.
All are welcome to attend the upcoming seminar I am hosting on July 25, Understanding the World Economy. I’ve spoken to a number of people who said they are bringing their kids or nieces/nephews. If you have teenagers or young adults in your family, bring them along. Schools teach theories, but they rarely explain how the real world economy actually functions. Understanding capital flows, debt, history, and the cycles that shape society is knowledge that can benefit every generation. The sooner young people learn how the world truly works, the better prepared they’ll be for the future.