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How Millennials Really Feel about this Election

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Nearly a third of Millennials back the idea of socialism, and fewer than half support capitalism. That’s terrifying for the future of this country! But there is evidence to suggest that Millennials simply don’t know very much about either concept. Using more descriptive labels like “free-market system” and “government-managed economy,” in place of capitalism and socialism respectively, Millenials were much more likely to choose free markets over government. Christopher Koopman explains the distressing story here in The Wall Street Journal.

For many, capitalism isn’t about free enterprise, nor is it about the startups and innovation. When they hear the term, millennials think about Wall Street bailouts, corporate greed, political scandals and tax codes riddled with loopholes for the wealthy and connected. Yet this has little to do with what equal-opportunity capitalism actually is: A system providing all Americans with a chance to use their unique skills to create a business with free access to different markets and customers.

Strip away the titles of “capitalism” and “socialism,” and the responses become drastically different. A 2015 Reason-Rupe poll found that college-aged respondents are far more supportive of a “free-market system” (72%) than they are of a “government-managed economy” (49%). In reality, millennials—regardless of party or ideology—have arrived at a surprising consensus: We support free markets, are very much unhappy with the current state of affairs, and are still looking for change.

This is good news, but it should also serve as a warning. Perhaps at no time in history has it been more important to differentiate genuine capitalism from the mutant system that has dominated economic policy over the last decade. Yet Mr. Luntz’s analysis is still absolutely right: Millennials are hostile to the underpinnings of the American economy. We simply shouldn’t confuse that economy with capitalism.

Ten Things Millennials Should Know About Socialism | Thomas J. DiLorenzo

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.