Letters to the Editor: Faith in capitalism is fading. The next U.S. president could help restore it

To the editor: Unemployment is a major barrier to the American Dream of economic security and home ownership (“Half a million young Californians aren’t in school or working. Most are men,” Nov. 9). Stagnant wages relative to increasing costs of living and restrictive costs of residential realty are additional barriers. According to the National Assn. of Realtors, the median age of first-time homebuyers was 29 in 1981 and has since risen to 40.

These three barriers are worsening, rendering the American Dream unattainable for many. So it is not surprising that recent polls show a trend among young Americans favoring socialism. That trend reveals an inseparable relationship between the American Dream and American capitalism, based on private enterprise, unrestricted supply and demand and government intervention for public welfare and geopolitical considerations.

When today’s young Americans become a more significant percentage of voters, they could threaten the sustainability of American capitalism. After the Trump presidency, policymakers should address that growing threat.

The next U.S. president could establish an ad hoc commission charged with recommending initiatives to revitalize the American Dream and sustain American capitalism. For balance and credibility, the commission membership should be broad, including leadership of corporations in the major market segments, in addition to leadership of national associations of small business owners, organized labor, real estate agents and educators. It could also include bankers, economic scholars, constitutional law experts and any others needed for well-founded judgments.

The one essential requirement of every commission member should be unwavering commitment to sustaining American capitalism.

Mel Spitz, Beverly Hills