Capitalism is what US has thrived on: Steven Mnuchin
Treasury Secretary Steven Mnuchin on the Trump administration's decision to end Iran oil sanction waivers, the push to improve America's infrastructure, USMCA, border security, the debate over capitalism versus socialism, the outlook for the economy.
Capitalism vs. Socialism?
For the Secretary of Treasury Steven Mnuchin, the answer is simple.
“Capitalism is something that the U.S. has supported and thrived by and we are the place in the world of technology, of different areas growing, and the U.S. economy right now is the bright spot of the world,” he told FOX Business’ Maria Bartiromo on Monday.
Mnuchin’s comments come after the capitalism vs. socialism debate has become a hot button issue in the 2020 presidential race.
Several Democratic presidential candidates have called for changes to an economic system they say is responsible for growing inequality and division in the country.
“I think that they are talking about refinements. I would say that, as we go into the next election cycle I think you're going to see two very different economic paths. One looks like socialism. One is capitalism, and capitalism meaning a free market economy,” Mnuchin said on “Mornings with Maria.”
President Trump has accused the Democratic candidates of embracing socialism saying it would lead to economic ruins in the U.S.
America’s thriving economy is showing the rest of the world that capitalism is the most effective economic system known.
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The economy grew at a 3.2 percent rate during the first quarter of 2019. The unemployment rate has fallen to the lowest rate in nearly half a century and the stock market continues to surge. This as the 2020 Democratic presidential candidates are pushing for a different economic agenda.
“And that [GDP] growth means more jobs for more people, higher wages and participation rates of people who haven't been working coming back into the economy” Mnuchin said.