Steve Forbes discusses the American economy, the rise of socialism in New York City, and his support for Donald Trump’s warning about communism during an interview at Freedom Fest in Las Vegas.
Steve Forbes, a prominent advocate for capitalism and free markets, recently shared his insights on the current state of the American economy and the political landscape during an interview with Fox News Digital at Freedom Fest in Las Vegas. Known for his leadership as chairman and editor-in-chief of Forbes, as well as his presidential campaigns in 1996 and 2000, Forbes has long been a key voice in economic discussions.
In his conversation, Forbes addressed the troubling shift toward socialism in New York City, a trend he believes reflects broader dissatisfaction among the populace. “New York City has a history of electing radical candidates,” he noted, referencing the city’s past, including the election of the only self-identified communist member of Congress in the late 1940s. “But more importantly, I think it shows that a lot of people are dissatisfied.” He emphasized that the left has become more organized than those who advocate for freedom and capitalism.
Forbes pointed out that the left has effectively occupied the moral high ground in political discourse. “We’ve got to get the message out,” he said. “One thing that the left has learned is that you try to occupy the high moral ground. Even if you wreck people’s lives, kill millions of people under socialism, communism, your intentions were good.” He argued that it is not sufficient to merely advocate for free enterprise on the grounds of prosperity; proponents must also frame it as a moral choice rooted in liberty and human creativity. “As Lincoln put it, improve your lot in life,” he added.
Reflecting on Donald Trump’s recent speech at Mount Rushmore, where the former president warned of the internal threat posed by communism, Forbes expressed his agreement. He drew a parallel to a statement made by Abraham Lincoln, who warned that the greatest threats to the United States would come from within. “Whatever you call it—communism, socialism, extreme leftism, anti-Semitism—it’s all the same disease,” Forbes stated. “Lincoln put it very well in the 1800s. He said, ‘It won’t be foreign forces that destroy the United States. It’ll be things we do internally.’
Forbes criticized the tendency to blame free markets for societal issues, arguing that government policies are often the real culprits. “What happens is when governments start making mistakes and doing things that people don’t like and that hurt people’s prospects for getting ahead, upsetting society, they blame it on capitalism,” he explained. “They help wreck free markets and then say, ‘The victim is the cause of it.'” He emphasized that true prosperity and innovation can only thrive in an environment of freedom.
While acknowledging that capitalism is not without its flaws, Forbes highlighted its role in driving innovation and improving quality of life. He cited the evolution of technology as an example, noting how handheld devices have transformed from bulky, expensive machines into powerful tools that are now accessible to the average person. “If you’d said 30 years ago that your grandma could operate a supercomputer, you’d have gotten a rather strange look,” he remarked. “Now we take it for granted.” He attributed this progress to human creativity, which he believes should be celebrated rather than taken for granted.
Forbes has also been a vocal critic of the Federal Reserve, particularly its approach to inflation and economic management. “Start with the Federal Reserve, the idea that prosperity causes inflation. Experience shows time and time again, it’s absolute nonsense,” he stated. He challenged the notion that a thriving economy leads to overheating, questioning whether individuals feel discomfort when their incomes rise. “Do you start to feel overheating? Do you start to sweat at night? No, it’s preposterous,” he said.
According to Forbes, the Federal Reserve’s primary role should be to maintain the integrity of the dollar rather than manipulate economic activity through interest rate adjustments. He drew a comparison between interest rate control and rent control, arguing that both distort markets and ultimately harm consumers. “Most free marketeers realize rent control distorts markets and ends up costing more and giving people less,” he noted. “Well, what is controlling interest rates? It’s a form of rent control. They used to call interest rent. You’d rent the money.”
Forbes offered straightforward advice for the Trump administration moving forward. “On the domestic front, go for a new round of tax cuts. Reduce tax rates for individuals and for businesses,” he suggested. He described taxes as a price and encouraged the administration to propose tax cuts as a campaign issue, even if Congress does not pass them. “Bring out examples of people who have benefited enormously from not taxing overtime, not taxing tips,” he advised, suggesting that effective marketing could help sell such initiatives to the public.
In conclusion, Forbes emphasized the importance of continuing deregulation and pursuing policies that foster economic growth. “You go on that path, and good things will happen,” he said, reiterating his belief in the potential of free markets to drive prosperity.
Forbes’ insights reflect a deep commitment to advocating for capitalism and free enterprise as essential components of American prosperity, particularly in the face of rising socialist sentiments in urban areas like New York City. His perspective serves as a call to action for those who believe in the power of individual liberty and economic freedom.
According to Fox News.