Fewer than half of Americans now believe that capitalism is working well in the United States, a sharp decline from a decade ago, according to a recent survey. The poll also revealed a significant drop in support for American democracy and patriotism.
Conducted by the Wall Street Journal and the National Opinion Research Center, the survey found that only 48% of Americans think capitalism is functioning effectively, down from 60% in a similar poll conducted 10 years prior. Over half of respondents, 51%, indicated that American capitalism is not working too well or not at all well.
The sentiment extends to the nation's democratic system, with just 12% of Americans believing democracy is working extremely or very well. A substantial 56% stated that it is working not very well or not at all well.
Furthermore, the survey suggests a fading belief in the American Dream. Only 35% of respondents agreed that the principle of getting ahead through hard work still holds true, a decrease from 53% in 2012. Conversely, 48% believe the American Dream once existed but no longer does, and 17% feel it never held true.
The findings precede the nation's 250th anniversary, with a notable lack of enthusiasm for national symbols and history. Under 40% of those surveyed expressed strong pride in American history, while two-thirds believe the nation is in decline.
Patriotism also appears to be less important to Americans, with only 35% stating it is very important to them personally, a decrease from 60% in a 2019 survey. Similarly, the importance of religion has declined, with fewer than one-third saying it is very important, down from about half in 2019.
Significant generational and political divides were evident in the responses. Republicans were more likely than Democrats to express pride in American history and a belief in American exceptionalism. Younger Americans (18-34) demonstrated a more pessimistic outlook compared to older generations, with lower percentages believing capitalism is working well and considering patriotism very important.
These results emerge amid a period of political shifts, including the recent successes of candidates advocating for anti-capitalist or socialist platforms in various U.S. elections. Analysts suggest that a widespread feeling exists that the social contract, or the sense that America works for everyone, is not being fulfilled, and public institutions are not delivering on their promises.