Steve Forbes Tells Packed South Alabama Crowd Midterm Results Were ‘Not a Vote for Socialism’

MOBILE, Ala. — Steve Forbes, the publishing executive and two-time Republican presidential candidate, told a packed audience at the University of South Alabama last week that the Nov. 3 midterm elections should not be read as a national endorsement of socialism, even though Democrats made significant gains across the country.

Forbes spoke Thursday, Nov. 5, at an event hosted by the university’s Young Americans for Freedom chapter at the Mitchell College of Business. The crowd filled the college’s main auditorium, and organizers opened an overflow room to accommodate additional students who wanted to hear him.

His talk, delivered two days after the election, moved from an analysis of the results to a broader defense of free enterprise and a warning about the appeal of socialist economic ideas, themes Forbes has promoted for decades in print, on television and on the campaign trail.

Forbes: Results Were “Not a Vote for Socialism”

Forbes opened by addressing the outcome of the midterms, in which Democrats picked up ground nationwide. He argued that Republican losses grew out of voter frustration over specific issues rather than any broad shift in economic philosophy.

Forbes told attendees that what happened Tuesday was not a vote for socialism.

He pointed to several issues he believes cost Republicans support. According to his remarks, those included:

• The rising cost of living
• Tariffs
• Immigration
• Poor messaging surrounding the conflict with Iran
• A failure to communicate effectively with voters on emerging issues such as artificial intelligence and data centers

The list reflects Forbes’ long-standing positions. He has been a consistent advocate of low taxes, free trade and sound money, and his criticism of tariffs places him among Republicans who have questioned the economic effects of broad import duties. His mention of artificial intelligence and data centers touches on a newer debate playing out in communities across the country, where large data center projects have raised questions about electricity demand, water use, local tax incentives and land use.

A Broader Case for Free Enterprise

After his assessment of the election, Forbes turned to the central theme of the evening: the role of capitalism in generating prosperity and innovation. He told students that free markets have driven economic growth and technological progress, and he cautioned them against the promises made on behalf of socialism.

That message is a familiar one for Forbes, who has served for decades as editor-in-chief of Forbes magazine, the business publication founded by his grandfather, B.C. Forbes, in 1917. He sought the Republican presidential nomination in 1996 and 2000, campaigning most prominently on a proposal to replace the federal income tax code with a flat tax. He has since written several books on economics and remained a frequent commentator on markets and public policy.

His appearance gave South Alabama students an opportunity to hear from a nationally known figure in business journalism and conservative economic thought at a time when debates over the role of government in the economy are especially active on college campuses and in national politics.

Student Organizers Explain Why They Invited Him

Before the event, USA YAF chairman William Davidson said the chapter wanted to bring Forbes’ long experience with markets and business to campus.

Davidson said Steve Forbes has spent decades analyzing markets, watching business trends, and observing how capitalism has shaped America into the best country in the world.

Davidson also said he is concerned about the growing popularity of socialism in the United States and argued that students should learn about the historical record of socialist economic systems.

He added that with socialism’s growing popularity in America, it is dire to educate the country on the reality of socialism in practice.

About Young Americans for Freedom

Young Americans for Freedom is a conservative student organization founded in 1960 at the Connecticut home of author and commentator William F. Buckley Jr., where its founders adopted a statement of principles known as the Sharon Statement. The organization’s chapters operate today as the campus outreach arm of Young America’s Foundation, which sponsors speakers, conferences and activism programs at high schools and colleges across the country.

Chapters like the one at South Alabama regularly host speakers on economics, foreign policy and constitutional issues. Events featuring prominent conservative figures often draw large crowds on college campuses, as the overflow audience at the Mitchell College of Business demonstrated.

The Mitchell College of Business, which hosted the event, is one of the University of South Alabama’s academic colleges and offers undergraduate and graduate programs in fields including accounting, economics, finance, management and marketing.

Other Views on the Midterm Results

Forbes’ explanation for the midterm results is one of several offered in the days since the election, both nationally and in Alabama, where Republicans won the major statewide races but by narrower margins than four years ago.

Republican Tommy Tuberville defeated Democrat Doug Jones to become Alabama’s governor-elect, according to unofficial returns, though the margin was far closer than in 2022. Democratic U.S. Rep. Shomari Figures held the redrawn 2nd Congressional District, and Mobile County backed a Democrat for governor for the first time since 1998, according to earlier South AL News reporting on the results.

Political analyst Quin Hillyer attributed the tighter Alabama results largely to the national climate, saying in an earlier interview with South AL News that a major anti-Republican and anti-Trump wave nationally made the race closer than it would have been.

Congressman-elect Jerry Carl, a Mobile Republican who regained his 1st Congressional District seat, offered another explanation, saying his party must stop overselling what it can deliver. In a separate interview, Carl said they need to quit overselling, as people are tired of unfulfilled promises, which frustrates him as an American and voter, and noted both sides do this, not just Republicans.

In the 2nd District, Hillyer credited both the national climate and what he called the hard work of Shomari Figures for the Democrat’s re-election on a map drawn to favor Republicans.

What Comes Next

With the election behind them, both parties are now turning toward governing and toward the 2028 cycle. Discussions about the cost of living, trade policy, immigration and the growth of artificial intelligence, the issues Forbes highlighted, are likely to remain central in Washington and in state capitals, including Montgomery, where Tuberville will take office in January.

For students at South Alabama, the event was one of a number of political and policy forums held on campus during an election season that drew strong interest across the Mobile area.