Pelosi says capitalism hasn’t served US economy ‘as well as it should’

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Pelosi said public officials should reform the system to address inequality

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House Speaker Nancy Pelosi, D-Calif., on Friday called on public officials to reform traditional capitalism, arguing that the current American economic system has led to widespread inequality.

“In America, capitalism is our system, it’s our economic system, but it hasn’t served our economy as well as it should,” Pelosi said during a virtual event with think tank Chatham House. “And so, what we want to do is not detract from it, but to improve it and make sure it serves us.”

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Pelosi denounced a gradual shift in recent decades from the concept of “stakeholder capitalism”, which allowed wages to increase for both executives and workers based on productivity, to “shareholder capitalism”, where executive compensation paid for workers. left behind a pay hike.

In June, Pelosi appointed members to the Select Committee on Economic Inequality and Fairness in Development. The panel is tasked with recommending possible actions to address wealth inequality.

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“You can’t have a system where the success of some comes from the exploitation of the workers and the environment and from the exploitation of the rest, and we have to fix that,” Pelosi said.

Pelosi spoke amid ongoing conflict between Republicans and Democrats over a $3.5 trillion budget reconciliation bill that President Biden has billed as an attempt to reshape the US economy.

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Biden and other top Democrats have called for tax increases on corporations and the wealthiest Americans to pay the bill. Republicans and some moderate Democrats have opposed the bill, arguing it is too costly and could hurt businesses amid a fragile recovery from the COVID-19 pandemic.

Biden reiterated his pitch for the spending plan in a speech earlier this week, arguing that measures such as tax reform, increased child tax credits and free education are meant to close the inequality gap during the pandemic. were necessary.

“Billionaires have seen their wealth increase by $1.8 trillion,” Biden said. “It’s just not fair.”


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