Americans’ attitudes toward capitalism have reached a new low, according to a series of polls released in September 2025, with only 54% of U.S. adults now viewing the economic system favorably. This marks the lowest level of support since Gallup began tracking the question in 2010 and represents a significant six-point drop from 2021. The data, gathered between August 1 and August 20 from a representative sample of 1,094 adults, underscores a growing polarization in how Americans perceive not just capitalism, but also socialism and the broader U.S. economic system.
The findings, reported by Gallup, The Hill, Bloomberg, and FOX6 News Milwaukee, reveal that while Americans still generally favor capitalism over socialism, the gap between the two has narrowed considerably. Support for socialism remains relatively stable at 39%, but the partisan divide over both systems has widened sharply—especially among Democrats and independents, who have driven the recent decline in positive views of capitalism.
“Just more than half of U.S. adults in a new survey say they support capitalism, a record low since Gallup began asking the question 15 years ago,” The Hill noted. This decline is particularly pronounced among Democrats, with fewer than half (42%) now expressing a positive view of capitalism, down from 50% in 2021. Independents also show a notable slip, with only 51% holding a positive view, compared to 59% four years ago. Meanwhile, Republicans’ support for capitalism has remained stable or even increased slightly, standing at 74%—up from 72% in 2021.
When it comes to socialism, the overall picture is one of stability but with significant partisan divergence. About 39% of Americans now view socialism positively, a figure that has held steady over the past decade. However, among Democrats, support for socialism has surged to 66%, making them the only major political group to favor socialism over capitalism (66% vs. 42%). “Democrats are the only partisan group of the three that views socialism more positively than capitalism,” Gallup reported. In contrast, only 38% of independents and 14% of Republicans say they view socialism positively.
The roots of this shift are complex, but several factors stand out. The erosion of support for capitalism comes against a backdrop of stubbornly high inflation, stagnant wages, and widening economic inequality. Federal Reserve data cited by American Bazaar shows the top 0.1% of Americans now control $22.2 trillion in wealth—more than five times the combined wealth of the bottom 50%, who hold just $4 trillion. For many Americans, this stark disparity reinforces the perception that the economic system is rigged in favor of billionaires and large corporations, leaving ordinary workers and families struggling to keep up.
“The growing disillusionment with capitalism comes against a backdrop of stagnant wages, rising living costs, and widening inequality,” American Bazaar observed. “While corporate profits and stock markets have surged in recent years, many households continue to struggle with the burden of inflation, soaring housing prices, and medical debt.”
Despite these concerns, Americans remain overwhelmingly positive about certain aspects of the capitalist system. The Gallup poll found that 95% of respondents have a favorable view of small business, and 81% view free enterprise positively. These numbers have remained remarkably consistent over time, suggesting that while faith in the broader economic system may be waning, confidence in its more localized and entrepreneurial elements remains strong. “Americans are extremely positive toward small business (95%) and free enterprise (81%),” FOX6 News Milwaukee reported.
In sharp contrast, attitudes toward big business have soured dramatically. Only 37% of Americans now view big business positively, down from 52% in 2019 and a high of 58% in 2012. Negative views are especially pronounced among Democrats (17%) and independents (36%), both of which represent new lows for those groups. Even among Republicans, positive views of big business have slipped, with 60% now expressing approval, down from 78% in 2019. “Perceptions of big business have tumbled in recent years, including a nine-point decline this year on top of a six-point drop in 2021,” Gallup noted.
This growing skepticism toward corporate America appears to reflect a disconnect between record corporate profits and the economic realities faced by many workers. As American Bazaar put it, “Tech giants and other multinationals have grown into trillion-dollar enterprises, posting record profits and rewarding shareholders, even as they announce sweeping layoffs. At the same time, wages for many workers have remained stagnant, benefits have eroded, and job security feels increasingly uncertain.”
The political implications of these findings are significant. The Democratic Party, in particular, has seen a surge in support for progressive and socialist-leaning policies, driven by prominent figures such as Vermont Sen. Bernie Sanders and New York Rep. Alexandria Ocasio-Cortez. Earlier this year, Democratic Socialist Zohran Kwame Mamdani made headlines by defeating Gov. Andrew Cuomo to become the Democratic nominee for mayor of New York City, signaling the growing influence of left-wing populism in American politics.
Gallup’s data underscores that the decline in support for capitalism is not a wholesale rejection of the U.S. economic system, but rather a reflection of growing frustration with its perceived inequities and failures. “Americans continue to broadly support the U.S. economic system,” Gallup concluded, “but capitalism’s image has dimmed at a time of high inflation, economic inequality, and growing political polarization.”
It’s worth noting that these shifts in public opinion are not occurring in a vacuum. The past decade has seen a series of economic shocks, from the lingering effects of the Great Recession to the COVID-19 pandemic and its aftermath. Each of these events has exposed vulnerabilities in the American economic system and fueled debates over the proper balance between free markets and government intervention.
As the nation heads into another election cycle, the future of capitalism—and the role of socialism—will likely remain at the forefront of political debate. With Americans’ faith in capitalism at a record low and support for alternative economic models on the rise among key segments of the population, the stakes for policymakers, business leaders, and voters alike have rarely been higher.
For now, the data paints a picture of a country at a crossroads, grappling with both the promises and the pitfalls of its economic system. Whether that will translate into lasting change remains to be seen, but one thing is clear: the conversation about capitalism in America is far from over.
