Millennials on Economic Health
The instability in America’s economic health combined with the decidedly lackluster recovery from the last recession has resulted in a tectonic shift in American politics. Economic inequality has become a deep concern for hundreds of thousands of Americans. This growing dissatisfaction can be seen in the rage characteristic to Trump rallies (even if they wouldn’t use this language to describe that dissatisfaction), but it can be seen even more vividly in the burgeoning support for more socialist structures in the American landscape.
Many in the millennial generation is more inclined to criticize capitalism than defend it. They have little reason to; they entered a recessive job market characterized by stagnating wages, and so poverty is no stranger to them. They are the most educated generation — which would be excellent were they not the most underemployed generation as well. This has left most social benchmarks far beyond the reach of most millennials. It is difficult to save for a house or a marriage when struggling to just pay rent on a part-time salary.
There are many factors responsible for this, but the most striking is the increased gulf of income between the rich and the poor. This same gulf propelled the Occupy movement to the national scale in 2011–12, and it is clear that the quieting of the movement does not mean that the feelings that inspired it have left the general consciousness. When CEO wages are equivalent to 300 other company workers, and when stories of wage theft are becoming common, it is hard not to feel that the constant pursuit of more and more and more money has gotten well out of hand. It has caused many, and especially millennials, to wonder how long our economic policies will allow the rich to become richer at the expense of everybody else.
It is no surprise, then, that the Democratic Left has seen a huge uptick in interested members. The presidential campaign of Bernie Sanders saw a huge swell of ground-level support and achieved the highest number of small donors of any presidential campaign in history. The membership of the Democratic Socialists of America is beginning to skyrocket. The combined efforts of tens of thousands of passionate Americans nearly toppled the efforts of the democratic convention, showing that this movement is influential and will have an impact on the future of American politics. That influence will only magnify as the older blocks of the voting pool are replaced by the younger voters.
It is certainly exciting to see a strong and active left emerging in the Democratic party, and it represents the possibility for a mainstream socialist critique to have a strong influence on American policy. Something certainly needs to be done in order to curb growing economic inequality. While the Democratic Socialists of America is still relatively small, it has gained a lot of momentum and has seized a cultural moment. What they do with that momentum will be worth watching.
David Firester is the founder of TRAC Intelligence.
