October 22, 2019

Trump Is the Worst Kind of Socialist

““America will never be a socialist country,” President Trump said as he launched his bid for re-election last week.

That declaration was an effort to frighten Americans and undermine growing support for expanding Medicare and Social Security—two popular programs that have long been derided as “socialist.” Mr. Trump’s declaration hypocritically ignores that he and his Republican colleagues are the nation’s leading purveyors of an insidious form of corporate socialism, which uses government power and taxpayer resources to enrich Mr. Trump and his billionaire friends.

When we defeat Mr. Trump in this election, we are going to end his corporate socialism and use those resources to create a 21st Century Economic Bill of Rights that benefits all people.

Consider the corporate socialism we’ve seen on Wall Street, where the high priests of unfettered capitalism reign. As you will recall, Wall Street’s deification of “free markets” went out the window in 2008 as they watched the financial crisis caused by their own greed and illegal behavior threaten the existence of some of the largest financial institutions in the country. Suddenly, Wall Street became strong supporters of big-government socialism.

They begged the federal government for unprecedented taxpayer assistance, and Congress provided them with the largest bailout in history. The major banks received some $700 billion from the Treasury and trillions in low-interest loans from the Federal Reserve.”

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