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- Capitalism needs a newer pitch as socialism gains ground, economist says
The rise of socialism in U.S. politics has free market advocates looking for new ways to make the case for preserving public support for capitalism and economic freedom.Sam Gregg, president of the American Institute of Economic Research, spoke with FOX Business and noted that in recent years there has been "a rise on the political left of people who describe themselves as democratic socialists," adding that these "are not people of your old-style Democratic Party, these are not your JFK Democrats.""These are people who fundamentally disagree with the economic settings of the United States, and they want the U.S. to essentially look much more like what you might call a European social democracy," he said."Those of us who believe in free markets, I think, really need to improve our game in terms of persuading people on the right and the left as to why these bad policies don't work," Gregg said.JEFF BEZOS SAYS SOCIALISM GAINS TRACTION BECAUSE OF 'REAL AFFORDABILITY PROBLEMS,' LACK OF REAL SOLUTIONS"People who are free marketers are very good at talking about policy… What we're less good at is invoking the type of moral language that is necessary if you want to persuade people," he said."People will be persuaded up to a point by economic arguments, but they're also wanting to know that they're doing the right thing, they're doing the good thing."Gregg said that free market arguments need to not only highlight economic prosperity and wealth that capitalism can deliver, but also emphasize that "it's a broader fight for liberty, it's also a broader way of thinking about how people can participate in the American Dream and pursue all sorts of things."DSA PLATFORM COULD COST UP TO $212T OVER A DECADE, ANALYSIS FINDS"Once the government starts shutting down economic freedom, other freedoms quickly follow. Once you start to compromise property rights, it's not just your economic freedom that becomes constricted," Gregg said."It's your ability to get up and move. It's your ability to freely associate with people. It's your ability to hold opinions without thinking that if you hold the wrong political opinion, the government's going to take your property away from you," he said.Polling data suggests that while socialism is gaining ground in terms of favorability, it remains well behind capitalism. A Fox News poll conducted Oct. 9-12 found that 51% of voters had a favorable view of capitalism, down 2 points from a year… [TheTopNews] Read More.14 mins ago - Christiane Amanpour Says She Is Leaving CNN After 43 Years
The chief international anchor, one of the most famous names in broadcast news, started as an assistant at the network in 1983. [TheTopNews] Read More.50 mins ago - Elizabeth Holmes Documentary ‘You Can See Everything’ Opens to Over 2,000 So...“You Can See Everything,” a documentary about the Theranos founder, made a big splash for a movie not yet in wide release. And Netflix had a box office milestone. [TheTopNews] Read More.1 hour ago
- Jon Stewart to Stay at ‘The Daily Show’ Through the 2028 ElectionRatings have surged since Mr. Stewart returned over two years ago to host the show on Monday nights. [TheTopNews] Read More.1 hour ago
- Jamie Dimon warns of 5 economic threats lurking ‘under the surface’JPMorgan Chase CEO Jamie Dimon warned that while the U.S. economy is being driven by both consumer spending and business investment, there are five economic threats that may challenge that growth.Dimon's comments were included in JPMorgan's quarterly earnings release last week, which noted the nation's largest bank missed Wall Street analysts' profit expectations."The U.S. economy continued to be fueled by strong business investment and ongoing consumer spending," Dimon said."However, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface," he added. "These forces may be manageable, but we remain prepared for a wide range of outcomes."CONSUMER INFLATION ROSE FASTER THAN EXPECTED IN SEPTEMBER, CPI REPORT SAYSDimon's concerns come as fresh economic data showing that inflation accelerated more than expected in September was released on Wednesday.The Bureau of Labor Statistics released the September consumer price index (CPI), which showed headline CPI rose 3.7% year over year – above the 3.6% estimate of economists polled by LSEG. Core CPI, which excludes volatile food and energy prices, was up 2.6% from a year ago, which was also hotter than the expectations of economists who estimated a 2.5% rise.Both core and headline CPI inflation are well above the Federal Reserve's 2% target rate, setting up a potential interest rate hike by policymakers before the end of the year. The central bank's next two monetary policy meetings are in late October and mid-December.FEDERAL BUDGET DEFICIT HITS $2T AS NATIONAL DEBT COSTS SURGEHigher interest rates on longer-term U.S. Treasurys are caused in part by the Federal Reserve raising its benchmark federal funds rate, as occurred when policymakers met in September.Other factors also play a significant role in driving interest rates higher, including larger fiscal deficits around the world as well as increased issuance of corporate debt as companies sell bonds to raise capital for the artificial intelligence (AI) buildout and other investments.Investors seeking higher returns in exchange for purchasing bonds have contributed to the upward pressure on yields.JAMIE DIMON, DAVID SOLOMON, OTHER TOP EXECS PRAISE TRUMP ADMIN'S PRO-BUSINESS POLICIESDimon's comments on large budget deficits follow the news that the U.S. federal government had a $2 trillion shortfall in its recently concluded fiscal year 2026.The nonpartisan Congressional Budget Office (CBO) reported that the preliminary data showed a $1.993 trillion deficit in fiscal year 2026, which wrapped up at the end of September.CBO reported that the main drivers… [TheTopNews] Read More.2 hours ago
- Can Cereal Be Healthy? Big Companies Are Trying.As more Americans turn away from the snap, crackle and sugar, the industry is trying to capitalize on our current obsession with wellness. [TheTopNews] Read More.2 hours ago
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