Biden Just Explained Why His Version of Capitalism Is Better Than the GOP's It's more popular, too.
Biden Just Explained Why His Version of Capitalism Is Better Than the GOP’sIt’s more popular, too.
BY WILLIAM SALETAN at Slate
JULY 19, 20219:26 PM
https://slate.com/news-and-politics/2021/07/biden-capitalism-socialist-gop.html
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Republicans love to accuse Democrats of socialism. That’s how Republican senators, House leaders, and Fox News hosts talk about President Joe Biden: They call him a socialist, a front man for socialists, a Marxist, or a communist sympathizer. This makes sense as a political strategy, since Americans oppose socialism and prefer capitalism. But the accusation is false. Biden is a capitalist, and his version of capitalism is stronger, fairer, and more popular than the Republican one.
On Monday, the president spoke about the economic recovery and the threat of inflation. He poked fun at the GOP’s warnings “that if I got elected, I’d bring the end to capitalism.” “Six months into my administration, the U.S. economy has experienced the highest economic growth rate in nearly 40 years,” he observed. “It turns out capitalism is alive and very well. We’re making serious progress to ensure that it works the way it’s supposed to work: for the good of the American people.”
That last line is central to Biden’s worldview. Capitalism is a means, not an end. It excels at producing wealth, not distributing it. The goal of a capitalist society should be to improve people’s lives, not just to grow the economy, and to that end, the government should regulate capitalism and compensate for its excesses. In Biden’s words, the political system must “ensure that all working Americans benefit from the growth they’re helping produce.” That means we should measure the economy’s health by wages, not just corporate valuations. “I don’t look at the stock market as a means by which to judge the economy, like my predecessor did,” said the president.
In Biden’s version of capitalism, workers don’t just compete with one another for jobs; employers have to compete with other employers for workers. Right now, due to a labor shortage, “Companies across the country are giving workers a raise,” he noted. He tweaked Republicans for complaining about this trend, as though it’s “a problem if big companies have actually to compete for workers and offer them a fair wage.”
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= new reply since forum marked as read
proud to have supported him and donated to him from the beginning. He's Teflon.
They can try to tarnish him all they want. It won't stick.
