Bloomberg recently ran a segment asking “Why Capitalism Is Losing Young Americans,” with David Westin, Paul Ryan and Steven Rattner. You can watch it here: https://youtu.be/7Kfe-dEEPO4

The question itself is the problem. Asking why people are moving away from free-market capitalism assumes we have free-market capitalism. We don’t. We have crony capitalism.

To be fair, the panel gets close. They admit affordability is a real problem. They list the price shocks: COVID spending, overspending in Washington, tariffs, and the oil spike from the Iran war. They even concede that neither party is selling free markets anymore, and that Trump governs as a protectionist, not a free-marketer.

But they never take the next step. Not once do they say “crony capitalism,” “corporate welfare,” “bailouts,” or “regulatory capture.” Their fix is better PR for capitalism and more pro-growth policy. That misses the point.

Here is what a young person actually sees:

1. Bailouts for big banks and corporations when they fail, while regular people and small businesses go bankrupt when they do.
2. Tariffs that raise their prices to protect favored industries.
3. Regulations written by and for the incumbents they are supposed to police.
4. Money printed to keep asset prices up, while they can’t afford a house.
5. Campaign cash from big donors and lobbies buying outcomes in both parties.

That isn’t a free market. It’s a rigged one. When young people say capitalism isn’t working for them, they’re describing that system accurately. The mistake is reaching for socialism, which hands even more power to the same insiders.

The answer isn’t to defend the current system harder. It’s to actually try free markets: end the bailouts, end the tariffs, stop the money printing, and get the lobbyists out of writing the rules. Sound money and real competition would do more for affordability than any slogan from either party.

Don’t let anyone tell you you’re rejecting free enterprise. You’re rejecting cronyism. So am I.