Political extremes

Emma Freire writes a lot about political trends. In our April issue, she tackled the surging interest in socialism and the rise of Zohran Mamdani in New York. In this issue, she writes about a small but dedicated group of young people who think America should ditch democracy and bring back a king (see “Long live the king?” in this issue). These movements are on opposite ends of the political spectrum, but Emma says they share a common cause.

That seems counterintuitive. How are socialists and monarchists alike? The movements for socialism and monarchism in America today are both driven by young people who look at the future with despair. They believe the American dream is dead. When you feel like the system isn’t working for you, it’s not surprising that you’d try to blow it up. Socialism and monarchy are both antithetical to our American tradition. But they have long historical pedigrees. They clearly appeal to something within human nature, or they wouldn’t have survived for centuries.

What are some of the underlying factors driving this trend among young people? The despair felt by young people is sometimes called “the black pill” or “doomerism.” The 2025 Harvard Youth Poll found that only 13% of 18- to 29-year-olds feel the nation is headed in the right direction. Nearly half of Americans ages 18 to 29 live with their parents, according to Pew. And the New York Fed found that over 41% of recent college graduates suffer underemployment. The high cost of housing is one of young people’s biggest concerns. In 2025, only about 12% of 30-year-olds were married homeowners. That tells us so much about why young people are giving up on the American dream. They are missing out on the important milestones that would give them a stake in society. You can read Kim Henderson’s story (“Life, liberty, and the pursuit of property” in this issue) to learn more about this.

You talk to a lot of smart political analysts. Are they offering suggestions to reverse this trend, or address it in a more constructive way? The problem is multifaceted, but providing younger Americans with a path to homeownership is an important part of the solution. Congress is currently considering the 21st Century ROAD to Housing Act, which contains a controversial provision banning large institutional investors from buying up single-family homes. Many experts say this will help lower housing costs. But supply also must increase, and that requires action at the local level.

Does generational strife play a role in young people’s “doomerism”? Some younger Americans feel like their elected officials don’t represent them. The baby boomers were the largest generation in America for a long time, and they still turn out to vote consistently. So it’s not surprising that elected officials are attentive to their concerns. Moreover, leaders like Donald Trump, who is 80, and Chuck Schumer, 75, are staying in office long past the traditional retirement age. The same trend can be seen across many other sectors. People sometimes call this “gerontocracy.” Younger Americans are left with a sense that there’s no path for them to rise to the top.