Socialism? Trump Administration Intel Deal Raises Concerns About State Involvement in Business
A recent deal that gives the U.S. a 9.9% stake in Intel has raised questions about how much the state should be involved in businesses. Senator Rand Paul called the move close to socialism, and many others criticized it.
Is Trump Adopting Socialism? Intel Deal Blasted by Analysts and Politicians
The recent deal of the Trump Administration, which acquired nearly 10% in Intel for an investment of $11.1 billion, has raised concerns about the level of state involvement in strategic private businesses, with some calling it a measure close to socialism.
The investment, labeled as historic by Intel, is part of President Trump’s push to support the U.S. national chip industry to achieve international leadership. Nonetheless, the move has not been well-received by all. Senator Rand Paul criticized this move, rejecting this new era of state involvement in corporate acquisitions.
On social media, Paul stated:
Kevin O’Leary, a Trump supporter, spoke out against this move, stating that it opposed the American way of doing business. “What has made America so great for 200 years is the government stays in its lane, and the private sector does what it does so successfully,” he stressed, highlighting that he “abhorred” the idea, highlighting that he did not want to give tax dollars to a company that had performed “miserably.”
President Trump has defended this move, calling detractors “stupid” for opposing the investment. “I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA,” he highlighted, noting that this would bring “more jobs to America.”
Furthermore, Trump declared that he wanted to complete similar deals, signaling the possibility of an increased state participation in capital markets. However, he did not give more details about the potential businesses that would be involved in these deals.
Read more: Winklevoss and Armstrong Warn: Socialism Punishes the Poor the Most
Read more: Why Socialism Fails: A Misesian Perspective
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