Intel Share Purchase Called US Administration Interference in Business
The Trump administration’s recent deal, which gave the U.S. a nearly 10% stake in Intel, has raised concerns about the level of government involvement in strategically important private enterprises, with some calling it akin to socialism.
The investment, which Intel called historic, was part of a program to support the U.S. domestic chip industry to achieve international leadership. However, the move was not well received. Senator Rand Paul criticized the deal for its government involvement in corporate takeovers.
If socialism is government ownership of the means of production, wouldn’t government ownership of Intel be a step toward socialism? Horrible idea, Paul wrote on social media.
Trump supporter Kevin O’Leary said the move was against the American way of doing business and that taxes should not go to a company that had «miserable results.»
America’s greatness for 200 years has been that the government has stayed the course and the private sector has done what it does successfully, the expert emphasized.
President Trump, unsurprisingly, called critics «fools» for opposing investment and creating more jobs:
I didn’t pay anything for Intel, it’s worth about $11 billion. It’s all for the benefit of the US.
Trump has also said he wants to pursue similar deals to expand government participation in capital markets.
