Why Is There Now Socialism in the United States?

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A Socialist Project e-bulletin ... No. 1841 ... June 6, 2019

Why Is There Now Socialism in the United States?

Ingar Solty

Today, most people are aware that ‘socialism’ is particularly popular among American millennials. The phenomenon began when the global financial crisis hit. No matter what the design of the empirical research questions that were being asked was, a majority of millennials said they favored "socialism" over "capitalism," while the older generations, increasing with age, tended to be more pro-capitalist.

Today, many people understand why this is the case. The millennials, often falsely deemed as post-ideological or a-political, have been the worst-hit by the global financial crisis that started in 2007. A study by the Federal Reserve bank found that low-wage sector jobs accounted for a mere 21 per cent of all jobs lost... during the crisis but 59 per cent for all jobs that were created during the so-called "recovery."

This is the labour market that awaited students coming out of community colleges and universities. According to official numbers by the Bureau of Labor Statistics, in 2013, 753,000 workers in the U.S. fast food industry -- where the median annual income is under $18,000 -- graduated from college with a bachelor’s degree or higher.

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