n August, Washington Post columnist George Will told HBO host Bill Maher on “Real Time” that he wanted Zohran Mamdani to win New York City’s mayoral election. Will doesn’t support Mamdani’s socialist policies, but rather argues that once in every generation, “we need a conspicuous, confined experiment with socialism so we can crack it up again.”
Will’s wish has come true, and Americans may have to learn the hard way about the dangers of collectivism. It is ironic, but perhaps most impactful, that this “confined experiment” with socialism will occur in America’s gateway city, the epicenter of global capitalism and the world’s financial markets, where the Statue of Liberty has welcomed millions of immigrants fleeing despotism and persecution, yearning to live free in the land of opportunity.
Young professionals in New York City represent Mamdani’s base, with over three-quarters (78 percent) of voters under age 30 casting their ballot for the self-described “democratic socialist.” This demographic might learn a valuable lesson about the grim reality of socialism, but it will come at a heavy price. The poorest and most vulnerable New Yorkers, who voted in the majority for Andrew Cuomo, will suffer the worst consequences of Mamdani’s proposed policies, such as rent control, city-owned grocery stores, and minimum wage hikes. Mamdani’s mayorship is a victory for champagne socialism, but not for the working class of New York City.
Even on Wall Street’s home turf, this election result should not surprise anyone since nearly two-thirds (62 percent) of American adults under age 30 say they have a “favorable view” of socialism. Millennials and Gen Z came of age, or were born, years after the Berlin Wall collapsed and the Soviet Union dissolved. It’s been half a lifetime since the communist menace and the prospect of world revolution haunted the globe and threatened to destroy the American way of life.
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