In a speech touting a sweeping executive order to promote competition, President Joe Biden plugged the benefits of capitalism and boasted that he was a capitalist.
The order, signed on on July 9, targets three industrial sectors where his administration believes consolidation has led to higher prices — agriculture, technology, and drugs, Bloomberg reported. The executive order includes increased scrutiny of abusive business tactics in tech, consumer privacy protection, and elements designed to lower the price of prescription drugs, Politico reported.
“The heart of American capitalism is a simple idea: open and fair competition — that means that if your companies want to win your business, they have to go out and they have to up their game; better prices and services; new ideas and products,” Biden said.
The president continued, “Now, look, I’m a proud capitalist. I spent most of my career representing the corporate state of Delaware. I know America can’t succeed unless American business succeeds. But let me be very clear: Capitalism without competition isn’t capitalism; it’s exploitation.”
Black Twitter didn’t exactly agree, redacting Biden’s comment in multiple tweets so that the message read, “Capitalism is exploitation.”
“Capitalism is exploitation, period” Michael Angel Molina @gayofthecross tweeted.
“so you agree capitalism benefits off the exploitation of the working class and causes a never ending cycle of poverty/lack of advancement for said class” ny. @nyasiakun tweeted.
“Whether it’s good or bad, one thing I know is that, no one in the place of advantage will want to be on the reverse side” Adebayo @hardebaryour pointed out.
While Americans still think positively of capitalism, more Black Americans are leaning toward socialism. According to a recently released Axios/Momentive survey, 60 percent of Black Americans view socialism positively, as do 45 percent of women and 33 percent of non-white Republicans, New York Magazine reported. “Those numbers have grown over the past two years from 53 percent, 41 percent, and 27 percent respectively,” Axios chief financial correspondent Felix Salmon wrote in the report.
Listen to GHOGH with Jamarlin Martin | Episode 74: Jamarlin Martin Jamarlin returns for a new season of the GHOGH podcast to discuss Bitcoin, bubbles, and Biden. He talks about the risk factors for Bitcoin as an investment asset including origin risk, speculative market structure, regulatory, and environment. Are broader financial markets in a massive speculative bubble?