The Real Reason Socialism Is Winning In America

Summary

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Podcast Summary: The Ramsey Show Highlights

Episode: "The Real Reason Socialism Is Winning In America"

Date: November 10, 2025
Hosts: Ken Coleman & Jade Warshaw
Podcast: The Ramsey Show Highlights (Ramsey Network)

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Episode Overview

This episode dives into why a significant portion of American millennials (70%) have a favorable view of socialism, examining the topic through the lens of economics and personal finance rather than politics. Co-hosts Ken Coleman and Jade Warshaw break down the real, practical issues fueling a shift in attitudes, focusing on the current affordability crisis. They urge listeners to unite and push for substantive policy changes, emphasizing that addressing affordability—rather than ideological debate—will strengthen the nation.

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Key Discussion Points & Insights

1. Alarming Statistic on Socialism’s Appeal

• Ken shares recent data: “70% of millennials have a favorable view of socialism.”
  • (00:12)
• He notes this sparks outrage and anxiety, but urges the audience to approach the topic maturely and focus on underlying causes.
• Context: The recent election of open socialist Mamdani as New York’s mayor is mentioned as further fueling the conversation and emotions.
  • (00:47)

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2. The Three Main Roots of the Affordability Crisis

a) Student Debt Crisis

• Ken: “The federal government should not be in the banking business…that’s what they’re in when they're financing student loans."
  • (01:23)
• The system allows universities to get paid up front, encouraging steep tuition increases.
• The burden of student loans shapes young adults' perceptions of the economy and their opportunities.

b) Affordable Housing

• The average age of a first-time homebuyer is now climbing toward 40.
  • (02:43)
• Jade and Ken present a stark math example: To safely afford even a moderate home on a $100,000 income, a down payment of 60% would be required for payment to be manageable.
  • Jade: “But it’s going to take a long time.” (03:18)

c) Skyrocketing Healthcare Costs & Spotty Coverage

• “We take those calls every day… the skyrocketing cost of healthcare and the spotty coverage.”
  • (03:30)
• Both hosts highlight that, regardless of political leaning, ordinary Americans feel squeezed by medical bills and uncertain insurance.

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3. Generational Differences & Erosion of Faith in Capitalism

• Millennials and Gen Z “have never experienced positive capital.”
• Ken: “They feel like they have been and they are behind the eight ball for any one, if not all three, of these combined.”
  • (04:35)
• The perception: Capitalism is no longer delivering the upward mobility previous generations enjoyed.

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4. Addressing Stereotypes & Bridging the Gap

• Ken rejects ridicule or demonization of younger generations for their views:
  • “I don’t think that they’re evil. I don’t think they’re idiots. I don’t think they should be ridiculed and made fun of and marginalized. I think they need to be stood up for.” (05:20)
• He argues the onus now lies on those who have “won” under capitalism to help create change for everyone.

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5. Call to Collective Action

• Ken asserts both major political parties are responsible: “Both parties are on the hook for this. Don’t come at me. Both parties are on the hook.”
  • (06:56)
• The only viable response: Citizens must pressure politicians at every level to enact policy that tackles the affordability crisis head-on.
• “Don’t get fearful. Get active. Because I can tell you this, if anything unites the American people, it would be those three issues.”
  • (07:36)

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6. Unifying Message & Solutions

• Ken envisions a movement transcending party lines:
  • “How many in this giant audience think that housing affordability should be lower? Everybody’s raising their hands... that healthcare should be more affordable and better coverage? That the rising tuition in America is out of control and the student loan thing is a crisis? ... Every hand in the audience goes up.”
    • (07:55)
• He calls for unity to solve the root problems rather than letting divisiveness grow.
  • “What could break our great nation is this affordability issue. And it’s solvable.”

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Notable Quotes & Memorable Moments

• “I’m all pro capitalism, but I am being realistic today as a 51-year-old Gen Xer who has thrived because of capitalism; my experience… is very different than theirs.”
  – Ken Coleman (04:55)
• “Maybe these universities should raise their own frickin’ dollars… or use what’s already in those giant endowments and pay for bright young students to be educated.”
  – Ken Coleman (08:15)
• “We probably should unite on these issues and say, let’s make our public servants do better on policy, Jade, to make these things better. And I bet you we’d have a far greater union, a far less stressed country, a far less pissed off electorate.”
  – Ken Coleman (08:40)

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Timestamps for Key Segments

• 00:12 — Shocking data: 70% of millennials view socialism favorably
• 01:13 — Framing the problem economically, not politically
• 01:23 — Crisis #1: Student loans
• 02:40 — Crisis #2: Affordable housing
• 03:30 — Crisis #3: Healthcare costs
• 04:35 — Younger generations and the loss of faith in capitalism
• 05:20 — Rejecting stereotypes, urging empathy
• 06:56 — Policy responsibility: Both parties at fault
• 07:36 — Call to action: Uniting around affordability
• 07:55 — Mass agreement on the need for change
• 08:40 — Vision for a stronger union by uniting on economic issues

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Tone & Language

The tone is pragmatic, empathetic, and urgent. Ken speaks with conviction and aims to bridge generational and ideological divides, while Jade grounds discussions in relatable real-world scenarios. Both hosts maintain a constructive, forward-looking attitude, pressing for unity and solutions rather than blame.

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Conclusion

This episode moves beyond partisan bickering to confront the fundamental pressures making socialism more appealing to young Americans. Ken and Jade urge listeners to recognize the real-life roots of the affordability crisis and to harness collective action—regardless of political identity—to force policymakers to tackle unaffordable education, housing, and healthcare costs for a stronger, more united country.

Transcript

[A]

Brought to you by the EveryDollar app. Start budgeting for free today. So, saw some data recently, Jade, that 70% of millennials have a favorable view of socialism. Now, I make that statement, a lot of you get real nervous. There's a lot of emotions right now, and that's okay because we're going to be adults and we're going to step into something that needs to be talked about and that is the affordability crisis in America. Now, I start with that data, Jade, because you hear that and you go, what? And some of you may go, oh, these whatever, whatever, whatever insults that you might come up with. You're outraged by that. I understand that. Affordability.

[B]

They're outraged by the affordability crisis.

[A]

No, outraged that 70% of millennials view socialism favorably. So then we have a big election and Mamdani becomes. He's an avowed socialist. He becomes the mayor of New York. That creates a lot of emotions. You're gonna see a lot of headlines. That guy's name and what he stands for is gonna be in the news a lot.

[B]

Yeah.

[A]

So I'm addressing this not from a political standpoint, but from a financial, economic standpoint.

[B]

Okay?

[A]

So whatever your emotions and feels are, here's what I wanna point out. The reason that 70% of millennials, and I don't know the numbers on Gen Z, but I'm raising three. But the why would a large chunk of Americans view socialism with some favorability? I'm going to tell you why. There's three major financial reasons why. Number one, student debt. We talk about student debt on this show all the time. It's gotten bigger and bigger and more expensive. It is a full blown crisis. If you've ever listened to me, I've talked about it. I think the federal government should not be in the banking business. And that's what they're in when they are financing student loans. And the colleges, Jade, and the universities get the money immediately. They get it immediately. So when a kid signs up FAFSA and all that junk, they get the loan. Boom.

[B]

Guess who gets paid University cash.

[A]

That's right. And then these students become young adults, become young professionals, become middle aged professionals.

[B]

And then they call on us and.

[A]

They'Re calling us under the unbearable burden. It feels like now it's bearable. We teach them how to get out of it. But let's talk about the problem. So student loans, it's a crisis. It's a huge hook. And the federal government is on the back of people with student loans. Not only is the student loan Thing a problem. But the affordability of tuition. Jade is a problem. The universities keep ratcheting up the cost of tuition.

[B]

They are.

[A]

Cuz that's money in the bank. They're getting paid immediately.

[B]

Yeah.

[A]

Number two, affordable housing, real estate.

[B]

I was hoping it was on your list.

[A]

It's, it's, it's the biggest of the three but affordable housing. I'm seeing reports that sometime in the next six months or so we will see the average age of a first time home buyer. I can't even believe I'm saying this. Jade be 40 years of age or older.

[B]

But we know, I mean we deal.

[A]

With that every day.

[B]

You and I did the math on it the other day. If you, if you're making $100,000 and you pick a house for I don't know, $375,000 and you know, we can run the math on that, but you're going to be putting 60% down for that to be 20, 25% of your take home pay.

[A]

That's exactly right.

[B]

You can do it. But it's going to take a long time.

[A]

Long time. I'm glad you mentioned that. So add that into the emotion. You've written a book about emotion and money. What no one tells you about money? Well, I'm going to get real and marry politics and economics for a second. The third factor, the skyrocketing cost of healthcare and the spotty coverage. We take those calls every day. Now if you're still with me, and I don't care if you're a conservative or a liberal, I'm not making a political statement. I'm talking about the reality of the affordability crisis in America. And I've given you the big three.

[B]

It's expensive.

[A]

Now let me play this out. And I'm not justifying anybody's views on socialism, but I am a realist and I'm a co host of the largest money show in the world and we help people dig out of these problems. Now you take those three things. Let me review very quickly. Student debt, unaffordable housing, skyrocketing healthcare with spotty coverage. You take all three of those things and you put them together. And millennials, younger millennials for sure, Jade and Gen Z, they have never experienced positive capital. What I mean by that is the true usage of the word money. They feel like they have been and they are behind the eight ball for any one, if not all three of these combined.

[B]

Understood.

[A]

So therefore the system of capitalism as they know it doesn't work very well.

[B]

They have to listen to us old heads to try to tell them so.

[A]

Me, Dave, I'll say it, I'm all pro capitalism, but I am being realistic Today as a 51 year old gen Xer who has thrived because of capitalism, my experience with capitalism is very different than theirs. And so I'm just simply pointing out for a moment because this could tear our country apart. And I'm going to make a case today to bring it together.

[B]

Ken, go for it.

[A]

Okay, so there's the setup. I don't think that they're evil. I don't think they're idiots. I don't think they should be ridiculed and made fun of and marginalized. I think they need to be stood up for. And so I'm going to make a suggestion that those of us who have won because of capitalism and experienced the fruit of it, the burden now becomes on us as we the people, if we believe what we say, we believe that we now have to collectively put pressure on all politicians, local, state, federal, both sides of the aisle and say maybe we the people should vote these lunatics and these idiots out if they don't work on policy by creating policy or changing policy to make things affordable. Period. Now, I can say that as a host of the Ramsey show because I am not at the mercy of someone with an opinion because I have an experience, I've A, benefited from capitalism and B, I've coached thousands upon thousands upon thousands of people. And we will take more calls today of people that are dealing with this affordability crisis in America. And we the people have one option to start to collectively say, let's take on these three issues. And so as a, as a guy who gets this unbelievable privilege from a money perspective.

[B]

Yes.

[A]

And you don't come at me because A, I will not read the comments and James Charles will tell you what.

[B]

Can you come at Ken? I feel like I'm just saying this is the problem that I've heard in a long.

[A]

So both parties are on the hook for this. Don't come at me. Both parties are on the hook.

[B]

Yeah.

[A]

And we the people are on the hook to say, wait a second, let's take these three issues alone. Affordable housing, the student loans and the tuition crisis, and health care costs. And let's do something about it. And we've got to make our voices heard. I'm not talking about violence, but I am talking about the one thing that these politicians care most about is their preservation. Jade. They just want to keep getting reelected, voted in. So at some point, this is coming to a head. And I don't want our audience to get sucked into what the Mamdani election means and what millennials flirting or liking socialism means. Don't get fearful. Get active. Because I can tell you this, if anything unites the American people, it would be those three issues.

[B]

Yeah, we can all agree that it's outbanded.

[A]

Yeah, that's a big tent. I think we could all say, how many in this giant audience think that housing affordability should be lower? Everybody's raising their hands. How many in this audience think that healthcare should be more affordable and better coverage? That's everybody in this audience. How many people think that the rising tuition in America is out of control and the student loan thing is a crisis and we should get out of the student loan business? How many think that maybe these universities should raise their own fricking dollars? Oh. Or use what's already in those giant endowments and pay for bright young students to educated. Every hand in the audience goes up. I'm not running for anything. I'm just pointing out that what could break our great nation is this affordability issue. And it's solvable. And I will say to our large audience, Republican, Democrat, independent, Libertarian, conservative, liberal. We probably should unite on these issues and say, let's make our public servants do better on policy, Jade, to make these things better. And I bet you we'd have a far greater union, a far less stressed country, a far less pissed off electorate. I just. I'm throwing it out there. Create your free every dollar budget today. The simplest way to budget for your life.