Socialism is apparently a lot more popular, or at least less unpopular, than most of us thought:

Only 53% of American adults believe capitalism is better than socialism.

The latest Rasmussen Reports national telephone survey found that 20% disagree and say socialism is better. Twenty-seven percent (27%) are not sure which is better.

Adults under 30 are essentially evenly divided: 37% prefer capitalism, 33% socialism, and 30% are undecided. Thirty-somethings are a bit more supportive of the free-enterprise approach with 49% for capitalism and 26% for socialism. Adults over 40 strongly favor capitalism, and just 13% of those older Americans believe socialism is better.

This poll probably reflects transient feelings about the economy and the global disaster that American capitalism got us into. Steve Benen suggests that the use of “socialist” as an anti-Obama attack might be rebounding in an unexpected way: to the extent Obama and his economic policies are popular, “socialism” may be getting its biggest boost since Castro. The results also indicate that many Americans don’t know what socialism is (nor, in all likelihood, capitalism). Which is part of the risk of using demagogic rhetoric that references events from mid-20th century history, increasingly removed from most people’s experience or basic civics knowledge.

On another level, obviously Americans are reconsidering the cult of markets and deregulation that has occupied the center of U.S. politics since Reagan. For instance, this recent Charles Krauthammer column tries to gin up outrage calling attention to Obama’s “real agenda”: “Obama is a leveler. He has come to narrow the divide between rich and poor. For him the ultimate social value is fairness. Imposing it upon the American social order is his mission.”

The column has its distortions, but on the whole – unlike the “socialism” charge – it’s pretty accurate. But it’s no more effective as an attack because to most ears, the idea of the government working for “fairness” sounds pretty good right now.

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