No Result
View All Result
  • Login
Saturday, July 11, 2026
theadvisertimes.com
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
No Result
View All Result
theadvisertimes.com
No Result
View All Result
Home Business

The rise of white-collar socialists: ‘A lot of tech workers are working class’

by theadvisertimes.com
1 hour ago
in Business
Reading Time: 3 mins read
A A
0
The rise of white-collar socialists: ‘A lot of tech workers are working class’
Share on FacebookShare on TwitterShare on LInkedIn



How Americans define who is working class may have more to do with economic anxiety than income or education levels.

A recently surfaced survey of Democratic Socialists of America members showed that 13% were white-collar workers, down from 21% in 2017 but up from just 3% in 2013. In addition, 9% worked in the tech sector in 2021, though comparable figures weren’t available for prior years.

That’s more than blue-collar workers, who made up just 4% of members in 2021 versus 3% in 2017 and 2% in 2013. Other categories similarly saw narrow gains or were virtually flat. Retail, food and other service sector workers accounted for 6% of members in 2021, up from 2% in 2013.

Among respondents 25 years old or older, more than 80% had bachelor’s degrees. And while 45% of respondents had household incomes below $60,000, 28% earned $100,000 or more.

Of course, the numbers may be less of a reflection of working-class Americans overall and more descriptive of the DSA specifically

But Zohran Mamdani’s stunning win in New York City’s mayoral race last year and democratic socialists’ election gains this year have shown that they are gaining political support.

By contrast, polling indicates that skepticism of capitalism is up. A Wall Street Journal survey found 51% said capitalism wasn’t working well or not working at all, up from 37% in 2015.

There’s been plenty of fodder for anti-capitalists in recent years. During the Great Recession, millions of American lost their jobs and homes, while the big banks that sparked the financial crisis got bailed out.

Today, soaring tech valuations have created more billionaires and even the world’s first trillionaire. At the same time, the high cost of living has eroded wage gains.

The DSA survey also notably predated the current AI boom, which started in late 2022. Since then, tech companies have announced waves of layoffs, and entry-level jobs have dried up.

To be sure, not all the cuts can be attributed to AI as some executives may be using it as cover for trimming payrolls that became bloated from too much hiring. Some research also blames remote work instead of AI for the lack of early-career opportunities.

But the bottom line is the professional class is increasingly unemployed or worried about being jobless. The most recent data from the New York Fed shows that the unemployment rate among recent college graduates was 5.6% in March, up from 3.9% in March 2022 and more than the overall jobless rate in March 2026 of 4.2%.

Meanwhile, consulting firm Challenger, Gray & Christmas said the U.S. tech sector has shed about 140,000 workers so far this year, more than any other industry. May’s tally of 38,242 was especially brutal and marked the highest for any month since August 2024.

Gustavo Gordillo, a co-leader of the DSA’s New York City chapter, told the New York Times that the main reason people are drawn to the group is because they do not want to feel powerless amid their economic struggles.

He added that during orientation sessions, new members are taught that anyone who works for a living can be working class.

“A lot of tech workers are working class,” Gordillo said. “We’re trying to build a broad movement—we think of most DSA members as being working class.”

In fact, even Americans earning six figures are feeling squeezed by the rising cost of living and report a surprising sense of economic anxiety.

According to a survey from the Harris Poll last year, 64% of six-figure earners said their income isn’t a milestone for success but merely the bare minimum for staying afloat.

To get by, they are currently engaged in or considering side hustles (61%), selling personal items (53%), skipping meals (41%), renting out all or part of their home (41%), and resorting to debt consolidation or bankruptcy (38%).

“Our data shows that even high earners are financially anxious—they’re living the illusion of affluence while privately juggling credit cards, debt, and survival strategies,” Libby Rodney, the Harris Poll’s chief strategy officer, said in a statement.



Source link

Tags: ClasslotriseSocialiststechwhitecollarWorkersworking
ShareTweetShare
Previous Post

Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders

Related Posts

Coca-Cola Is Crushing the S&P 500 and Nasdaq-100. But There’s an Even Better Reason to Buy the Stock in July.

Coca-Cola Is Crushing the S&P 500 and Nasdaq-100. But There’s an Even Better Reason to Buy the Stock in July.

by theadvisertimes.com
July 11, 2026
0

As of market close on July 8, the Nasdaq-100, which consists of the 100 largest non-financial companies listed on the...

China urges refiners to keep production high (CL1:COM)

China urges refiners to keep production high (CL1:COM)

by theadvisertimes.com
July 11, 2026
0

Jul 11, 2026, 12:35 PM ETCrude Oil Futures (CL1:COM), USO, XLE, UCODBO, UNG, FCG, USL, SCO, UNL, BNO, BOIL, KOLD,...

Help not wanted: World Cup hiring boost has yet to materialize

Help not wanted: World Cup hiring boost has yet to materialize

by theadvisertimes.com
July 11, 2026
0

The hiring boom the FIFA World Cup was expected to bring to the US looks like it may not end...

Should Investors Be Concerned That Walmart Got Kicked Out of the  Trillion Club and Now the 0 Billion Club?

Should Investors Be Concerned That Walmart Got Kicked Out of the $1 Trillion Club and Now the $900 Billion Club?

by theadvisertimes.com
July 11, 2026
0

It was only this past February that Walmart (NASDAQ: WMT) surged to a market capitalization of more than $1 trillion....

SIF AUM jumps 29% to Rs 17,858 crore in June; inflows surge 171% MoM

SIF AUM jumps 29% to Rs 17,858 crore in June; inflows surge 171% MoM

by theadvisertimes.com
July 11, 2026
0

Assets under management (AUM) of Specialised Investment Funds (SIFs) rose 29% month-on-month to Rs 17,858 crore in June 2026 from...

DMart Q1 results: Cons PAT up 11% to Rs 860 crore, revenue rises to Rs 18,795 crore

DMart Q1 results: Cons PAT up 11% to Rs 860 crore, revenue rises to Rs 18,795 crore

by theadvisertimes.com
July 11, 2026
0

Supermarkets major Avenue Supermarts, the operator of DMart, on Saturday reported an 11.3% year-on-year rise in consolidated net profit for...

  • Trending
  • Comments
  • Latest
Should You Offer a Concession to Get Your Apartment Leased Faster?

Should You Offer a Concession to Get Your Apartment Leased Faster?

June 15, 2026
Fourth of July 2026 Freebies and Deals

Fourth of July 2026 Freebies and Deals

July 3, 2026
5 things financial therapists want every advisor to know

5 things financial therapists want every advisor to know

June 26, 2026
The 10 Largest NYC Tech Startup Funding Rounds of June 2026 – AlleyWatch

The 10 Largest NYC Tech Startup Funding Rounds of June 2026 – AlleyWatch

July 6, 2026
Prime Day, June 2026: How Retailers Competed With Amazon

Prime Day, June 2026: How Retailers Competed With Amazon

June 29, 2026
Vanilla’s approach to better software for family offices: Listen first, build second

Vanilla’s approach to better software for family offices: Listen first, build second

July 2, 2026
The rise of white-collar socialists: ‘A lot of tech workers are working class’

The rise of white-collar socialists: ‘A lot of tech workers are working class’

0
EDUC Q1 2027 Review: Margin Optimization and Cash Flow Management Amidst Revenue Contraction

EDUC Q1 2027 Review: Margin Optimization and Cash Flow Management Amidst Revenue Contraction

0
US Air Attacks on Iran Continue – Again

US Air Attacks on Iran Continue – Again

0
Treasury Sec. Scott Bessent Rules Out CBDC Under Trump, “CLARITY Act Is Coming”

Treasury Sec. Scott Bessent Rules Out CBDC Under Trump, “CLARITY Act Is Coming”

0
Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders

Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders

0
Market Talk – July 9, 2026

Market Talk – July 9, 2026

0
The rise of white-collar socialists: ‘A lot of tech workers are working class’

The rise of white-collar socialists: ‘A lot of tech workers are working class’

July 11, 2026
Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders

Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders

July 11, 2026
Coca-Cola Is Crushing the S&P 500 and Nasdaq-100. But There’s an Even Better Reason to Buy the Stock in July.

Coca-Cola Is Crushing the S&P 500 and Nasdaq-100. But There’s an Even Better Reason to Buy the Stock in July.

July 11, 2026
Treasury Sec. Scott Bessent Rules Out CBDC Under Trump, “CLARITY Act Is Coming”

Treasury Sec. Scott Bessent Rules Out CBDC Under Trump, “CLARITY Act Is Coming”

July 11, 2026
Trump’s crypto disclosure exposes an institutional problem that markets price in real time

Trump’s crypto disclosure exposes an institutional problem that markets price in real time

July 11, 2026
China urges refiners to keep production high (CL1:COM)

China urges refiners to keep production high (CL1:COM)

July 11, 2026
theadvisertimes.com

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Financial Planning
  • Investing
  • Market Analysis
  • Markets
  • Money
  • Personal Finance
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • The rise of white-collar socialists: ‘A lot of tech workers are working class’
  • Why Some Seniors Are Creating ‘Emergency Instruction Letters’ Instead of Emergency Binders
  • Coca-Cola Is Crushing the S&P 500 and Nasdaq-100. But There’s an Even Better Reason to Buy the Stock in July.
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • About Us
  • Contact Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.