Millennial socialism

Millennial socialism is a resurgence of interest in democratic socialism and social democracy among Americans and Britons typically defined as being born from 1981 to 1996, generationally known as millennials.

Background

According to some studies, American millennials are more supportive of aspects of socialist politics than prior generations. Some American millennials support policies that would widen social safety nets and provide relief for student debt and health care costs. In some late 2010s polls, young Americans viewed socialism positively and had a less favorable view of capitalism than older Americans. According to a 2021 Axios poll, 49% of Americans aged 18 to 34 viewed capitalism positively, compared to 58% in 2019. Capitalism, increasingly dissociated from its connotations of American success during the Cold War, developed an association with corporate greed, exacerbating climate change, and inherited wealth.

Some commentators and researchers, such as James Pethokoukis of the American Enterprise Institute and Emily Ekins of the Cato Institute, have argued that millennial support for socialism can be more accurately described as support for social democracy, as opposed to socialism as traditionally conceived (e.g., a planned economy).

As a generation, American millennials grew up with political discussions about class and inequality, the youngest millennials having been teenagers during the 2011 Occupy Wall Street movement. Young Americans generally face worse economic prospects than their forebears, including a higher cost of living, and an increased student debt burden. A 2019 SuperMoney report showed that average millennial income growth is flat after inflation.