Former Rep. Liz Cheney (R-Wyo.) challenged President Donald Trump’s opposition to socialism, pointing to his administration’s growing ownership of private-sector companies.
In an interview with C-Span, she quoted Trump administration officials opposing socialism before arguing that the president’s policies moved toward government ownership. “this president has used tax payer dollars to take stakes in private companies,” Cheney wrote.
Cheney specifically referenced the government taking equity positions in private companies “on a level that we haven’t seen before.”
Trump Expands Government Stakes in Companies
The Trump administration has acquired direct interests in several publicly traded companies as part of a national security strategy aimed at strengthening domestic supply chains. Those holdings include a 10% stake in Intel Corp. (NASDAQ:INTC), a 15% interest in MP Materials Corp. (NYSE:MP), and 10% stakes in Lithium Americas Corp. (NYSE:LAC) and Trilogy Metals Inc. (NYSE:TMQ), each.
The government also holds a “golden share” in U.S. Steel Corporation as part of its acquisition by Japan’s Nippon Steel Corp. (OTC:NISTF). The arrangement is not a conventional equity stake but gives the U.S. government permanent veto power over key decisions, including moving the headquarters from Pittsburgh, shifting production overseas, or closing facilities.
Earlier this month in a Time interview, Trump said he might pursue deals similar to the U.S. government’s Intel investment with OpenAI and Anthropic, adding that he has made many such deals. OpenAI reportedly explored offering the U.S. government a 5% equity stake as part of efforts to strengthen ties with the Trump administration, while CEO Sam Altman held preliminary talks on sharing AI-driven financial gains with the public.
Trump has criticized oil companies for profiting excessively from high oil prices and suggested a temporary 10% cap on credit card interest rates, a proposal also supported by Sen. Bernie Sanders (I-Vt.).
Trump’s Populist Policies Draw Backlash
Robert Wolf, ex-economic adviser to former President Barack Obama, said in August that Trump’s growing intervention in private markets and pursuit of populist economic policies could earn him the label of “the most powerful socialist in the country today.” Wolf argued that several of Trump’s policies would trigger outrage among conservatives if a Democratic president proposed similar measures.
Meanwhile, former Rep. Marjorie Taylor Greene accused Trump of trying to bribe voters with his proposed $5,000 payments, arguing the plan contradicts his pledges to curb socialism and reduce the national debt. She said the proposal could add $1.35 trillion to the debt.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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