Reason-Rupe has a new survey and report out on
millennials—find the report
here.
Millennials are free marketeers. When asked to choose which is
the better system, 64 percent of millennials say a free market
system and 32 percent favor an economy managed by the government.
By a narrower margin, 52 percent favor capitalism and 42 percent
choose socialism.
Millennials appear to be more favorable toward socialism than a
government-managed economy, even though the latter is arguably less
interventionist. This raises the question: Do millennials know what
socialism means?
Perhaps not. A 2010 CBS/New York Times survey found that when
Americans were asked to use their own words to define the word
“socialism” millennials were the least able to do so. Accord to the
survey, only 16 percent of millennials could define socialism as
government ownership, or some variation thereof, compared to 30
percent of Americans over 30 (and 57% of tea partiers,
incidentally).
This may explain why socialism garners greater support than a
government-managed economy. Interestingly, millennial support for a
government-managed economy (32%) mirrors national
favorability toward the word “socialism” (31%). Millennial
preferences may not be so different from older generations once
terms are defined.
Another way to look at this is that millennial preferences
become more pronounced when the economic system is described
precisely. Language about capitalism and socialism is vague, and
using these terms assumes knowledge that millennials may not have
acquired yet. Moreover, these words may have taken on different
meaning in the minds of most millennials, especially for a cohort
who didn’t grow up during the Cold War and came of political age
during the worst economic recession since the Great Depression. For
instance, capitalism may imply government favoritism instead of a
free market, and socialism may imply protecting the vulnerable.
Millennials Like Markets But Aren’t Sure if they Promote
Opportunity
Millennials like the market-based economic system. However, they
are unsure if markets are the best means of promoting economic
opportunity. This uncertainty over whether markets or government
help drive income mobility may be a significant factor in their
increased support
for government action.
When asked to choose, 37 percent say the free market system is
the “most effective in promoting economic opportunity” while 36
percent think “government programs and services” are the best way
to promote opportunity. A significant share, 27 percent, are not
sure whether markets or government programs do the best job
ensuring economic opportunity. While many people think both the
free market system and government programs are important, the
question was intended to measure which was most important.
Belief that markets better promote economic opportunity rises
with education. Of those with high school degrees or less, 31
percent say markets work best, but among college graduates this
number rises to 44 percent. (Education does not increase the view
that government services best provide opportunity).
Self-described conservatives (54%) and libertarians (76%)
strongly endorse markets as the best vehicle for climbing the
income ladder. Conversely, pluralities of liberals (45%) and
progressives (42%) think government programs and services are most
effective. Moderates are divided, with 40 percent expecting
government services and 36 percent expecting markets to best drive
income mobility.
Ambivalence Over Market- or Government-Driven Income Mobility
May Be Behind Increased Millennial Support for Government
Action
Millennials’ uncertainty about whether markets or government
drive people up the income ladder may partly explain their views on
activist government.
Among those who think markets best promote opportunity, 59
percent think government is doing too many things, 54 percent don’t
think it’s necessary to increase government spending for the poor,
and 58 percent say government shouldn’t redistribute wealth to
reduce income inequality.
Among those who think government programs and services are most
effective in promoting economic opportunity, 67 percent think
government should be doing more than it’s currently doing, 74
percent want to increase government-provided financial assistance
to the poor, and 56 percent say government should redistribute
income.
Millennials came of an impressionable political age in the midst
of the worst economic recession since the Great Depression. A third
are living at home with their parents. Gallup has reported that one
in three young adults are underemployed, more than twice as likely
as older Americans. 38 Moreover, 46 percent of millennials believe
they will be worse off than their parents’ generation, 36 percent
believe they will be the same, and only 16 percent think they will
be better off.
For a significant share of millennials, who have not yet
experienced or observed market-driven mobility and success,
government action appears to be a viable alternative. Consequently,
greater support for government among this cohort may be in part
driven by the difficult economy that has undermined the view that
markets offer more upward mobility than the state.
To learn more about millennials, check
out Reason-Rupe’s new report.
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