A Wall Street Journal-NORC survey found that fewer than half of Americans say capitalism is working well, while majorities express concern about political division, national decline and the influence of billionaires and large corporations.
By yourNEWS Media Newsroom
Fewer than half of Americans now say capitalism is working well, while confidence in the country’s political system has fallen even lower, according to a new Wall Street Journal-NORC poll released Wednesday.
The survey found that 49% of Americans believe capitalism is working either very well or somewhat well. That is down from 60% in a similar Wall Street Journal survey conducted about a decade ago.
A slight majority now holds the opposite view. Fifty-one percent of respondents said capitalism is not working well or is not working at all, compared with 37% who said the same in 2015.
The results point to weakening public confidence in the nation’s economic system at a time when many Americans remain concerned about affordability, opportunity and whether working people have enough influence in Washington.
Only 35% of respondents said they are fairly or very confident that the United States offers people the chance to find good jobs and achieve the American dream.
The poll also showed broad concern about the role of wealth and corporate power in politics. About three-quarters of Americans said billionaires and large businesses have too much power in Washington, while working people have too little.
A narrow majority, 52%, said corporate power comes at the expense of workers and consumers. Those respondents also said government should limit that influence and share control of some businesses.
The findings come as democratic socialist candidates have gained traction in some Democratic primaries and as President Donald Trump continues to argue that the nation’s economic system has failed many working-class Americans.
Public confidence in democracy was even weaker than confidence in capitalism. Only 12% of Americans said democracy is working very well or extremely well. Just 16% said average citizens have considerable influence over politics.
Fifty-six percent said democracy is not working well or is not working at all. That is the highest level recorded in comparable Wall Street Journal polling dating back to 2020.
The survey also found a broad sense of pessimism about the country’s future. More than two-thirds of respondents said the United States is in decline, while about 60% said the nation’s best days are behind it rather than ahead.
Patriotism and views of American history also showed signs of weakening. Fewer than 40% said they were very proud of American history. Thirty-five percent said patriotism is very important to them personally, down from more than 60% in a 2019 Wall Street Journal-NBC News survey.
Partisan divisions were sharp on questions about American history and national identity. Two-thirds of Republicans said they were very proud of American history, compared with about one in five Democrats.
Nearly half of Republicans said the United States stands above all other nations. That view was shared by 8% of Democrats and 13% of independents.
Younger Americans were generally more pessimistic than older respondents about the country’s future. They were also less likely to describe patriotism, religion and other traditional values as very important.
Despite those divides, the poll found agreement on several major issues. Nearly three-quarters of respondents said the country has become so politically divided that the government can no longer solve major problems. A similar share said those divisions are likely to get worse.
The survey also found that 58% support birthright citizenship. About 60% said immigration helps the United States more than it hurts. Roughly two-thirds said separation of church and state remains very or extremely important to the nation’s identity.
The Wall Street Journal-NORC poll surveyed 1,862 adults from June 11-18 and included oversamples of Black, Latino and Asian American respondents. The survey’s margin of error is plus or minus 3.4 percentage points.
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