Mayor Pete explains rise of socialism: ‘Capitalism has let a lot of people down’

Mayor Pete explains rise of socialism: ‘Capitalism has let a lot of people down’
Pete Buttigieg (Image: YouTube screen grab)

[Ed. – Socialism, by contrast, has worked like a charm?]

Democratic presidential candidate Pete Buttigieg said Tuesday that he believes socialism is gaining popularity because “capitalism has let a lot of people down.”

“I think the reason we’re having this argument over socialism and capitalism is that capitalism has let a lot of people down,” the mayor of South Bend, Ind., said on CNN’s “New Day.”

He also said that he believes in “democratic capitalism” and reiterated his comments that democracy is more important than capitalism.

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“At the end of the day, we prioritize democracy,” he said. “And having that framework of a rule of law, of fairness, is actually what it takes for markets to work.”

Buttigieg told CNN that he is “open to” embracing a proposal by Sen. Elizabeth Warren (D-Mass.), who is also running for president, to put a new tax on large companies.

“I’m open to that,” he said. “I think the more interesting issue is, should our policies be any different toward the biggest companies than they are toward the smallest ones?”

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