Gallup Poll shows concurrent national decline in support for capitalism, while perceptions of socialism hold steady
A new political reality is taking shape, with the rise of self-identified democratic socialists at the local level aligning with a concurrent decline in Americans’ positive views of capitalism.
A recent New York Times/Siena College poll shows Zohran Mamdani, an avowed democratic socialist, leading the New York City mayoral race by a significant margin. This finding comes as a recent Gallup poll reveals that favorable views of capitalism have slipped to 54% nationally, the lowest Gallup has ever measured.
Mamdani’s Momentum in the Big Apple
In the New York Times/Siena College poll, Mamdani garners the support of 46% of likely voters. His appeal is particularly strong among younger and highly educated voters.
This lead places him far ahead of other candidates, including disgraced former Democratic Governor Andrew Cuomo, who, running as an independent, has the support of 24% of voters. Republican nominee Curtis Sliwa follows at 15%, while the incumbent Democratic Mayor Eric Adams, also running as an independent, trails with just 9%. This follows Mamdani’s victory over Cuomo in the June 24 Democratic mayoral primary.
A National Trend
This local electoral success for a socialist candidate in New York City is not an isolated event. It parallels the national trends identified in the Gallup poll. The poll found that while overall support for capitalism has dropped, positive views of socialism have remained steady at 39%. This stability, however, masks a significant shift among Democrats.
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Since 2016, a growing number of Democrats have come to view socialism more favorably than capitalism. Currently, 66% of Democrats have a positive opinion of socialism, compared to just 42% for capitalism—a considerable 24-point gap. This is a clear indicator that the ideas and policies advocated by figures like Mamdani, along with Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez, are resonating with a key part of the Democratic base.
The Gallup survey also shows that this skepticism is not limited to economic systems alone. Perceptions of big business have plummeted, with only 37% of Americans viewing it positively, down significantly from 52% in 2019. RELATED: Capitalism’s Appeal Fades As Socialism Holds Steady, Gallup Poll Reveals
This overall distrust of large corporations, coupled with the rising support for socialist candidates and ideologies, suggests a fundamental reevaluation of the American economic model is underway, with the upcoming NYC mayoral election serving as a critical bellwether.
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