Editorial for issue 34 of Socialist Revolution magazine. Subscribe now to get your copy!
Capitalism is in a deep and terminal crisis. Constant economic instability, rocketing inflation, the disastrous pandemic response, rampant gun violence, political chaos and ineptitude, and attacks on our rights and dignity have shaken up consciousness. This is reflected in a spreading mood of restlessness, pessimism, anxiety, and despair. But there is also seething anger and a burning desire to do something, to cast aside the status quo and turn the world upside down.
Poll after poll and event after event show that the country is more fractured and polarized than at any point since the American Civil War and Reconstruction. In an article titled “Is America Heading for Civil War?” the Financial Times writes: “A clutch of books makes an alarmingly persuasive case that the warning lights are flashing redder than at any point since 1861.” A majority of Americans say the US government is corrupt and almost a third say it may soon be necessary to take up arms against it. When Donald Trump took office in 2017, it was less than a tenth.
Not only is there profound discontent with the economy and institutions of capitalism, but a growing crisis of confidence in the regime of bourgeois rule itself. 85% of Americans believe the country is on the “wrong track.” 58% of American voters “believe their system of government does not work and … that the world’s oldest independent constitutional democracy needs major reforms or a complete overhaul.” American patriotism is at an all-time low, with just 38% of adults saying they are “extremely proud” to be Americans. Even the military, revered for decades as a source of national pride and stability, has taken a hit. Only 45% of Americans say they have great trust and confidence in this pillar of capitalist domination, down 25 points since 2018.
The Supreme Court has been deeply undermined in the aftermath of its openly reactionary ruling on the right to abortion. / Image: celisale, Flickr
The legal basis for bourgeois rule, the US Constitution, is likewise being stretched to the limit. Closely related institutions like the Supreme Court—which for decades gave the appearance of standing impartially above politics—have been deeply undermined. In the aftermath of its openly reactionary ruling on the right to abortion, a mere 25% of Americans say they have confidence in the institution, down from an already low 36% in 2021.
The youth are particularly disenchanted with the system and its representatives. A poll last year found that 54% of Gen Z adults had a negative view of capitalism. And a recent survey found that 94% of Democrats under 30 said they would prefer a different presidential nominee in 2024. Just 1% of 18- to 29-year-olds “strongly approve” of how Biden is handling his job. And only 38% of all Americans overall approve of “Scranton Joe,” a record low at this stage of any modern presidency. As the country heads in to the midterm elections, 75% of Americans consider inflation their top economic concern but only 25% approve of the president’s efforts to tame it.
All classes in society are affected by this malaise, starting with the ruling class, which is deeply divided and rapidly losing confidence in its ability to hold things together. According to Martin Wolf of the Financial Times, “This new epoch of the world is creating huge challenges. It is possible—perhaps even probable—that the world system will shatter.” And the analysts at Geoquant have found that “topline political risk” in the US is at record levels, driven by increases in all three risk indicators they track: Governance Risk, Social Risk, and Security Risk. They add: “none of this data implies that the US will descend into civil war, suffer a military coup or become an authoritarian regime in the next two years. That said, the change and volatility in these risks indicates the US polity will continue to move closer to these outcomes.”
Only 38% of all Americans overall approve of “Scranton Joe,” a record low at this stage of any modern presidency. / Image: Gage Skidmore, Flickr
Even the most powerful human on earth is fast running out of optimism for himself and his system. Long gone is the fatuous promise and pomp of his inauguration. The desperate hope for a new dawn and change you can really believe in is a bitter, distant memory. According to one member of Congress, the White House is “rudderless, aimless and hopeless.” And as Biden himself put it: “I certainly hope [my presidency] works out. If it doesn’t, I’m not sure we’re going to have a country.”
But the crisis of Biden‘s presidency is not due merely to his human inadequacies. At root, it is a function of the crisis of the system he represents. The reason he can’t tame inflation, stop war, deal with climate change, end racism, or guarantee high wages, quality housing, education, and healthcare for all is simple: he can’t tame capitalism. Capitalism is predicated on private ownership of the means of production in the pursuit of profit. As a servant of the system, the president is not about to nationalize the banking, energy, healthcare, communications, and food production sectors or hand over control to the working class. The same goes for his party and the entire political establishment.
For example, Biden’s grand promises to slow down climate change have allegedly been torpedoed by a single Democrat, who is blamed for holding the entire party hostage. Now a deal has been cut with Joe Manchin, but we can be sure it will mean an even greater scaling back of the already insufficient original proposals. The fact that an individual can scuttle even the most meager of measures shows the utter rottenness of that party and its system.
After promising “no more drilling, including offshore, no ability for the oil industry to continue to drill, period,” Biden now plans to open up oil and gas drilling leases in the federal waters off the coast of Alaska and in the Gulf of Mexico. This, despite 63% of Americans favoring more federal action to combat climate change.After the circus of the Trump presidency, the Democrats promised the moon. Once again, they had their chance, and once again, they botched it. The supposed “lesser evil” has even failed to protect the majority’s most basic rights. Beating the drum of January 6 is the best they can do to scare people into voting for them yet again. Serious conclusions need to be drawn from this.
Biden now plans to open up federal waters off the coast of Alaska and the Gulf of Mexico to oil companies despite promises to the contrary. / Image: Glenn Beltz, Flickr
Needless to say, the Republicans have no solution for any of this either. In a rigged political system, however, the beneficiary of the inevitable failure to accomplish anything meaningful tends to be “the other” party. But are the options really limited to Biden, Trump, or DeSantis? Is this the best a country of over 300 million people can come up with? Millions of energetic and creative youth, stifled by the straitjacket of a dying system, certainly have other ideas.
History is littered with the carcasses of mighty economic and military empires, which without fail experience periods of dramatic rise, protracted decline, and ignominious fall. Although there will be plenty of ups and downs along the way, American capitalism is on a historically downward trajectory. The real question then, is what will replace it?
Our attention shouldn’t be consumed by the midterms or even the next presidential election. Our perspectives and energy must be laser-focused on getting ready for the revolutionary explosions being prepared by the objective conditions of the world capitalist crisis. The George Floyd movement was merely the opening act. We live in a world of revolution and counterrevolution. Only the conscious efforts of the working class, at the helm of a rationally and democratically planned economy and government, can ensure the victory of the world socialist revolution and bring order out of capitalism’s chaos. As Malcolm X put it: “We’re not outnumbered. We’re out-organized.” It is up to the youngest generations living on the planet to do just that—get organized to save humanity. We invite you to get organized with the IMT in the fight for socialism in our lifetime.