Even MAGA loves socialism now

As you may have noticed, many members of the American media and political classes are currently rending their garments in terror and despair at the perceived threat of “socialism.” It’s not at all clear what that word means in 2026, in this context or any other. 

It only helps a little to observe that whatever “socialism” is supposed to refer to these days, it doesn’t have much to do with an economic or political system where the state or the working class control the means of production. I’m sure we could find people out there who advocate that. Hell, I might be among them, if it were a remotely realistic possibility. But none of those people are prominent in the current (and long overdue!) internal power struggle within the Democratic Party and the American left writ large.

Come to think of it, you know who really wants state control of the economy, if only in an incoherent, ass-backward, “Mixed-up Files of Mrs. Basil E. Frankweiler” kind of way? Donald Trump, that’s who. For all his extended excoriations of Democrats as woke America-hating Marxist radical traitors, Trump has meddled more extensively and more directly in the economy than any Democratic president since Franklin D. Roosevelt. 

It’s clearly going too far to call Trump a socialist, largely because profoundly corrupt autocratic or oligarchic regimes like his cannot easily be captured in ideological categories. He’s definitely not a democratic socialist (or a constitutional democrat of any other variety). But there’s no way around the fact that his fantastical DIY presidency has consigned conventional right-wing ideology about the sacredness of free-market capitalism to the proverbial dustbin. Let’s put it this way: Romanian dictator Nicolae Ceaușescu called himself a socialist; legendary Argentinian president Juan Perón did not. Trump belongs on the same historical shelf as those guys, if only as a wannabe.

Almost everything about Trump’s management of the economy during his second term, and pretty much everything else, has been disastrous. But even if we assume that the epic personal and institutional graft of his presidency will not survive his departure, he has created a haphazard regime that’s so deeply enmeshed in fossil fuels, Big Tech and AI, rare earths, pharmaceuticals, shipbuilding, semiconductors and the weapons industries that no one will be able to disentangle it anytime soon. 

As Indiana University scholar Sarah Bauerle Danzman told Foreign Policy in 2025, it’s “jarring” to encounter “a Republican administration embracing state capitalism in a way we haven’t seen in a long time, while all the time decrying ‘socialism.’” According to more recent reporting in Forbes, the federal government now holds equity stakes in roughly 30 different companies across a range of industries. “What started with a ‘golden share‘ in U.S. Steel,” writes Keith Johnson of Foreign Policy, “has morphed into a government takeover of vast swathes of the economy,” best exemplified by capricious tariff policies that seem motivated by the president’s personal whims and grievances. As libertarian economist Tad DeHaven tells Johnson, since all this “is driven by one man’s personal desires, there is no plan and no strategy. It changes by the day.”

Fanatical Republicans from deep-red districts can keep staging government shutdowns and preaching the defeated gospels of Milton Friedman as much as they like. But it’s difficult to imagine any future GOP putting the genie all the way back in the bottle and entirely undoing this unexpected turn to oligarcho-socialism or state capitalism or, ahem, national socialism or whatever else it might be called. The Econ 101 term would be “dirigisme,” which was coined to describe the highly interventionist, quasi-socialist economy that rebuilt France after World War II and has more recently been applied to China, Singapore, South Korea and so on.

This raises the amusing possibility that the mainstream Democratic Party — always ready to turn itself into the punchline of historical irony — will once again end up holding the bag for a set of policies supported by their donor class and literally no one else. More than 70% of registered Democrats, according to a Fox News poll taken in March, say that capitalism is “not working very well or not working at all.” So naturally the party leadership seems prepared to go to the barricades to defend it.

To be entirely fair, in some cases the centrist moral panic over “socialism” seems to refer to rational or at least straightforward electoral concerns. Fairly or otherwise, mainstream Democrats convinced a tiny plurality of Wisconsin voters that gubernatorial candidate Francesca Hong was too much of a humorless leftist to survive exposure to the mythical but coveted “median voter” in November. They may well have been correct; we don’t get to re-run the experiment and find out.

But in other instances, such as Zohran Mamdani’s historic victory in New York in 2025 and a series of Democratic primary wins by progressive or socialist-aligned candidates in that city and across the country, the hysteria has more to do with generational and attitudinal change — yeah, I’m sorry, with a vibe shift — than with specific policy proposals or ideological labels. 

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On one level, it seems incredible that deep-dyed Democratic insiders like James Carville or former DNC chair Jaime Harrison are surprised that their party, which collectively decided to “resist” the second coming of Trump by doing absolutely nothing and steadfastly ignored the scale of Israel’s war crimes in Gaza for as long as possible, is seen as hopelessly weak by its own voters. Carville recently called for a “schism” (a delightfully old-fashioned word) within the Democratic Party, and Harrison has urged the so-called socialists to leave the Demo-normies alone and “focus on building the party you actually support.” That old saw about being careful what you wish for comes to mind.

On the other hand, there’s nothing especially mysterious about those attitudes. Those guys and others like them were raised on ancient fables of the ideological excesses of the 1960s and ‘70s, and no doubt still get a bit misty-eyed over Bill Clinton and the “New Democrats” of 1992. Don’t stop thinking about tomorrow!

Their version of the Democratic Party eagerly devoured the devil’s candy, in the form of unbreakable partnerships with Madison Avenue, Wall Street and Silicon Valley and closed-door, $10,000 fundraising dinners in East Hampton and the Napa Valley. There’s no escape from that kind of political bargain on this side of the apocalypse. 

They have always viewed left-wing opposition as childish and contemptible, but not far below the surface they have dreaded the day it rises up to bite them in the ass and destroy their glorious temples of political triangulation. That day has now come, and they are in danger of becoming the last advocates of a faith that both the right and left have abandoned. They can only hope that Donald Trump’s corruption and incompetence will save them from their own.