Commentary by Stephen Macaulay

Mr. Corbett observes: “Liberty and free-market democracy have delivered the very prosperity and opportunity that critics now take for granted.”

True, but how are the Trump tariffs an example of “free-market” anything?

Or there’s this: Intel was going to get a CHIPS Act grant—that Team Trump transformed into a 10% equity stake in the company, making the federal government the largest single shareholder in the company. How is that anything other than state socialism?

Or there’s this: To allow the acquisition of U.S. Steel by Nippon Steel, the Trump Administration demanded a “golden share” in the company. This allows the US government to have veto decisions over production capacity, plant closures, and other aspects of the business. How is that anything other than state socialism?

And there is the Trump administration putting its thumb on the scale on behalf of President Trump’s friends when it came to the acquisition of the US portion of TikTok, like Larry Ellison’s Oracle and the Silver Lake private equity firm that Ellison is an investor in. Oh, and the government is talking a $10 billion payment from its “brokering” of the deal. Since when are “free markets” controlled by the government?

At the most generous, this can be described as mercantilism, state capitalism. . .or socialism.

Macaulay is pundit-at-large for The Hustings.

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Let's Debate the US War on Iran

[READ Pundit-at-Large Stephen Macaulay's commentary, "The Economics of Engagement" in The Gray Area.]

Next Talking With, Not At … debate at The Allen Theatre in Annville, Pennsylvania is Wednesday, May 27. Topic for Debate & Donuts III is “Was the US Military attack on Iran at the end of February a good idea?”

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Or email us at editors@thehustings.news, which also is a good address for commenting on any current issue, including the war on Iran and our current debate on whether or not socialism has a place in the United States. 

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