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“There is a lot of confusion about this,’’ chairman of President Donald Trump’s Council of Economic Advisers Kevin Hassett said.
The United States administration chastised socialism and the Democrats’ Medicare for All proposal, praising the benefits of capitalism rapturously, as well as its own tax cuts in the annual "Economic Report of the President."
With the 2020 presidential race on the horizon, U.S. President Donald Trump’s administration dedicated one of the 10 chapters in a 705-page report to laying out the costs of state control of an economy, loaded with references to Karl Marx, Mao Zedong, and the current administration of Venezuela.
"There is a lot of confusion about this," chairman of President Donald Trump’s Council of Economic Advisers Kevin Hassett told reporters Monday while explaining why the "Markets Versus Socialism" section was included in the report.
Hassett and his fellow CEA economists filled the space of that chapter with attacks on the Medicare for All proposal by democratic-socialist, Senator Bernie Sanders from Vermont, who has announced a second presidential bid for the 2020 elections. That proposal has since taken up by many Democrats.
"We find that experiences of socialism that do not use prices to guide production and consumption… have generally been characterized by distorted incentives and failures of resource allocation— in some extreme instances, on a catastrophic scale," a report summary by the White House states.
What was not mentioned was the president’s own corporate interests, which have been under scrutiny since before his inauguration. The president was formerly a real estate mogul, born into wealth, who said two years prior to the 2008 stock market crash, "I think it’s a great time to start a mortgage company."
"The real estate market is going to be very strong for a long time to come," he added in an interview with CNBC in Apr. 2006.
The report comes at a time when the Trump administration is investing millions of dollars in its policy of regime change in Venezuela against the leftist government of Nicolas Maduro in an effort to install a Washington- friendly president who would open up the country to capitalist and corporate interests.