Schumer Dodges on Whether American Capitalism Is Worth Defending | NTK Network Schumer Dodges on Whether American Capitalism Is Worth Defending

Schumer Dodges on Whether American Capitalism Is Worth Defending

"We believe that we need to improve capitalism..."

By NTK Staff | 02.06.2019 @11:22am
Schumer Dodges on Whether American Capitalism Is Worth Defending

Senate Minority Leader Chuck Schumer (D-NY) wouldn’t say whether American capitalism was worth defending and would not address the growing number of prominent Democrats who have publicly stated support for socialist policies during an interview on Wednesday.

MSNBC’s Willie Geist asked Schumer about Democrats who didn’t applaud President Trump when he said America would never be a socialist country during the State of the Union on Tuesday. Geist asked Schumer what he thought about some prominent members of the Democratic Party’s shifting towards socialism.

“Well, you’ve got to separate the thing. Look, we all believe strongly in democracy. There are people in the Democratic Party who want more government intervention. I wouldn’t quite call is socialism,” Schumer said.

“Democratic socialist,” Geist interjected.

“Yeah, but the bottom line is that all of us believe that when you look at the state of the union on the economy, it’s not good for middle-class families. They’re worried, even more worried about their children,” Schumer said.

Schumer then went on to attack Trump for various parts of Trump’s State of the Union address.

MSNBC’s Joe Scarborough followed up with Schumer by asking him if he supported American capitalism and if he thought it was worth defending.

“OK, the answers I – we are a capitalist country, yes, and you have to work with capitalism, but that doesn’t mean you shouldn’t make it better,” Schumer said.

“I put out an op-ed – you would be sympathetic to this, Joe, because I’ve heard you talk about these buybacks – where we said, listen to this number: from 2007 to 2016, the top 500 companies, 83 percent of their profits went to buybacks and to dividends,” Schumer said. “None of that money goes to helping their workers, helping their communities. That’s why Senator Sanders and I said that we should not allow buybacks. They didn’t used to exist before 1980 unless they’re going to help their workers. That’s not socialism, that’s putting guardrails on capitalism, and that’s what we need.”

During the course of Schumer’s answer to Scarborough’s question, he never said that he thought American capitalism was worth defending.

Scarborough then pointed out to Schumer that Democrats had warned Republicans that their tax law would mainly be helping huge multi-national corporations with stock buybacks.

“That’s just what happened. Remember what Donald Trump said? This tax bill will give every American a $4,000 tax increase. Well, if your income is over a million dollars a year, you probably got more than that. But if you’re an average middle-class family, you didn’t see close to that,” Schumer said. “He’s listening to some of these hard-right people, and they are saying … the only type of capitalism that should exist is without guardrails. You know, like back in the 1890’s. We believe that we need to improve capitalism.”

“It’s devolved … they’re slavishly devoted just to the shareholders, and that hurts working people and that should change. That’s not socialism, that’s improving capitalism, and big business doesn’t like it, and the right-wing Republicans call it socialism. It is not,” Schumer concluded.

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