John Hickenlooper says he believes in capitalism
Former Colorado Gov. John Hickenlooper, a Democrat, tells FOX Business a capitalist system that spurs growth through competition will create business innovation and jobs.
“I am entrepreneur. I believe in capitalism, but you need competition to make capitalism work,” he said in an exclusive interview on “The Evening Edit” Wednesday.
Hickenlooper, 67, is joining the 2020 Democratic primary field, many of whom have embraced socialist policies. Some key Democratic hopefuls are attempting to make the wealth gap and income inequality the defining issue in the race.
The Fed's 2018 Survey of Household Economics and Decisionmaking finds that economic well-being has generally improved over the past five years. However, 40 percent of people in the U.S. lack $400 in cash to cover emergencies, according to the Fed.
The Census Bureau warns that people underreport their income and omit government aid, which may skew the numbers reportedly used by Democrats.
“You can quibble over the Federal Reserve. I think they are usually reliable,” Hickenlooper said with FOX Business’ Liz MacDonald.
The two-term Colorado governor argued that dozens of polls and surveys suggest the majority of Americans can’t balance their household budget at the end of a given month. But MacDonald pushed back telling Hickenlooper his data is based on lower income individuals compared to the rest of Americans.
Hickenlooper said he wants to adjust capitalism, but acknowledged the system has its flaws.
“Capitalism as it works now in America isn’t serving the people of America,” he said. “And just because we have a strong stock market doesn’t mean America is better off.”
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Hickenlooper was an entrepreneur who started 20 businesses before entering the political arena, becoming mayor of Denver and then the state’s governor.