CNBC’s Joe Kernen on Monday suggested that the Trump administration was in the midst of a “socialist creep” with its approach to the economy.
During the 7 o’clock hour of Squawk Box, Kernen was joined by Sen. Dave McCormick (R-PA) to discuss President Donald Trump’s economic policy. Citing the government’s increased involvement in a number of industries, Kernen asked McCormick if that policy was pushing too close to socialism systems like those seen in China.
The conversation continued:
KERNEN: Is anything that you’ve seen President Trump do, in terms of statism, is it similar to what happens in China? Is it similar to a socialist creep where the government is too involved in the means of production? Or is it–
MCCORMICK: I think it’s a slippery slope when you get the government more and more involved in the economy–
KERNEN: Are we slipping with President Trump?
In his response, McCormick explained that the federal government should get involved in certain industries if national security is at risk. He specifically named steel and pharmaceuticals among then. Still, the senator cautioned that “we don’t want the government involved by and large.”
“And it’s the old Reagan line,” McCormick continued. “The scariest words you could ever hear is, ‘I’m here from the government and I’m here to help you.’ We don’t need too much help.”
Watch above via CNBC
