LETTER: Where are the free market defenders?

The Review-Journal’s Tuesday wire service story, “Government negotiating to buy 10% stake in Intel,” reports that the Trump administration is considering converting federal Chips Act grants into an ownership stake in Intel Corp. That would put the U.S. government among Intel’s largest shareholders. If that isn’t state ownership of the means of production — the very definition of socialism — then what is?

It’s not the first time, either. President Donald Trump already made a “golden share” deal with Nippon Steel, ensuring the government gets a slice of profits and veto rights over a private company. This is an example of classic state intervention in the market. Republicans normally attack such moves as creeping socialism — at least when Democrats propose them.

Here lies the hypocrisy: When Democrats suggest modest programs to help ordinary Americans afford food, housing or health care, Republicans howl about “socialism” and “big government.” But, when a Republican administration channels taxpayer money into corporate bailouts and profit-sharing arrangements with multinational companies, it suddenly becomes a smart economic policy.

Let’s be honest: This isn’t “good socialism.” It’s risky state capitalism that ties public money to the fortunes of corporations, while ordinary Americans continue to struggle with high costs and shrinking safety nets. If our government is going to invest taxpayer dollars, shouldn’t the first priority be the well-being of American families, not the balance sheets of Intel and Nippon Steel and any other corporate deals in the making?

If socialism is unacceptable for the poor, it shouldn’t be celebrated for the powerful.