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Big Generational Divide on Economics, Politics

December 16, 2019

Who will the millennials vote for? The answer might scare you.

 

We’ll start with this – millennials, those between the age of 23 and 38, are increasingly embracing socialism over capitalism.  In fact, a recent poll showed 70 percent of American millennials would vote for a socialist candidate in next year’s presidential election.

 

70 percent!

 

The percentage of millennials who said they were “extremely likely” to vote for a socialist presidential candidate doubled from the year prior (20 percent in 2019 vs. 10 percent in 2018).

 

And the 50 percent of respondents who said they were “somewhat likely” to vote for a socialist is also up significantly from the year prior.

 

According to the poll, members of Generation Z (those age 12-22) also have qualms about capitalism. Just 49 percent of this generation expressed a positive view of capitalism and 64 percent said they would vote for a socialist candidate.

 

The reason this is so scary is millennials and Generation Z are expected to make up 37 percent of the electorate next year.

 

Capitalism is taking a beating from these groups of Americans because of widening income inequality and the fact that millennials are loaded up with student debt. In fact, 36 percent of millennials and Generation Z approve of communism, up from 28 percent in 2018.

 

How can this be?

 

Well, decades of liberal socialism inside America’s universities has taught kids that capitalism is unjust, and socialism is some sort of utopia (even though it’s failed in many places).

 

Many left-leaning professors also say the founding of our nation is unjust. They claim the founding fathers were racist bigots who owned slaves, instead of what they really are – patriots.

 

This divide could be a serious problem going forward.

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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