Don't Make Me Laugh: "Capitalism crushes socialism: Fox News Poll"

By Robert Wenzel

A commenter at the post, The Counter-Offensive That Needs to Be Launched Now Against Socialists and Other Lefties, links to a Fox News story with a headline that reports that "Capitalism crushes socialism."

Welcome to the world of lies, damn lies and polls.

This is what the story reports:

Sixty-three percent feel optimistic about the economy.  Optimism stood at 49 percent in 2016.

But this is a typical increase in consumer confidence during this phase of the Fed-manipulated boom-bust business cycle.

I reported as much in the EPJ Daily Alert just days ago:

Americans' Financial Confidence Near Record Highs

With the strong jobs environment it should not come as any surprise that Americans' optimism about their personal finances has climbed to levels not seen in more than 16 years, with 69% now saying they expect to be financially better off "at this time next year." The 69% saying they expect to be better off is only two percentage points below the all-time high of 71%, recorded in March 1998 at a time when the nation's economic boom was producing strong economic growth combined with the lowest inflation and unemployment rates in decades. Ten years ago, as the Great Recession neared its end, the percentage saying their finances had improved from the previous year was at a record low of 23%. More than half the public, 54%, said they were worse off. Now, with unemployment below 1998 levels and the job market growing steadily, the number saying they are worse off than a year ago has dropped to 26%, the lowest level since October 2000. Consumers comfortable about their financial prospects are consumers willing to open up their wallets---yet another indication of more developing pressure on prices.

When the next recession hits, this number will drop again. It has nothing to do with the capitalism-socialism question.

The Fox report also notes:

Capitalism is far more popular than socialism, according to a Fox News Poll of registered voters. 

Well, I should hope so. No one said that over 50% of Americans were card-carrying democratic socialists. But the trend is the thing and the report was shocking on this point:

Fifty-seven percent of voters have a positive opinion of capitalism.  That’s more than twice the number who feel the same about socialism (25 percent).  Some of the groups most likely to have a favorable view of socialism include self-identified liberals (50 percent), Clinton voters (43 percent), and those under age 30 (36 percent).

Only 57% have a favorable opinion of capitalism. Got that?

There were other results reported in the article but none of the other results were of any direct significance to capitalism-socialism leanings. Some results, in fact, could be considered misleading because of the way it appears the questions were phrased.

You have to wonder how concerned the network, that is supporting Combover Man, must be about the true trends in America if they are trying to put lipstick on this data to claim some kind of surge in support for capitalism.

Robert Wenzel is Editor & Publisher of

EconomicPolicyJournal.com and Target Liberty.  More about Wenzel here.