Free Markets

Veronique de Rugy | 10.23.2025 2:50 PM

When House Speaker Mike Johnson (R–La.) lashed out at last weekend's "No Kings" rallies soon to arrive on Washington's National Mall, he reached for an old conservative refrain: "They hate capitalism. They hate our free enterprise system."

I am sure he's correct about some of the protesters. But the message rings hollow coming from a party leader that stands by as President Donald Trump does precisely what Johnson rightly decries: substituting political control for market choice and ruling by executive order.

Indeed, what began as a populist revolt against so-called elites has become a program of state ownership, price fixing and top-down industrial control. Take a look.

Recently, the Trump administration quietly converted CHIPS Act subsidies into an $8.9 billion equity purchase in Intel, making Washington a 10 percent owner of one of America's largest technology companies. Commerce Secretary Howard Lutnick insists "this is not socialism." That's semantics.

Socialism is government control of the means of........

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