I’m a capitalist. There I said it. Even more than that, I’m a Democrat. In fact, I serve as a Democratic national committeeman. I have also been a partner in a New York small business on Long Island for more than 35 years. Capitalism is not a threat nor theory to me, it is a reality that provides opportunities for myself, our employees, vendors and our clients.
As I write this confession sequestered in my undisclosed location, it is important to remember that our nation’s capitalist economy and entrepreneurial spirit are the envy of the world, attracting workers, investment, and admiration. But this success would not be possible without two critical pieces: a social safety net that allows people to take risks, start businesses and join unions as well as the federal funding for research and development. It is because of my commitment to capitalism that I stand in strong opposition to President Trump’s agenda.
Think about the child tax credit, Affordable Care Act, Medicare, Medicaid, and Social Security — these historic programs achieved by visionary leaders during national crises protect people from the vicissitudes of the market and allow them to pursue economic opportunity. Trump is tearing up that legacy by gutting Medicaid and food assistance for tens of thousands of New Yorkers.
His Big Ugly Bill will spike health care premiums for more than 24 million households that receive health insurance through the ACA exchange and the exorbitant costs will force as many as 80,000 New Yorkers to lose their coverage. It will lead to the layoffs of more than 3,000 hospital workers in our state. It will reduce after-tax income for not just the very poor and vulnerable but also the middle class. It will raise electricity bills and make basic consumer goods more expensive.
Our small businesses and their employees will suffer the repercussions. Capitalism cannot succeed when working people are denied the opportunities to help them enter the middle class and provide a future for their families.
Contrary to conventional belief, the federal government has funded and developed leading technologies, such as GPS, Siri, the COVID-19 vaccine, the space program, and the Internet. According to a recent Federal Reserve Bank of Dallas paper, non-defense government R&D spending was responsible for more than 20% of productivity growth since World War II. Instead of doubling down on these critical investments, the Trump administration has cancelled billions of dollars in grants from the National Institutes of Health and the National Science Foundation. His research funding budget would inflict even more austerity. Put simply, this is an assault on American jobs, education, science, health, medicine, and our economic standing in the world.
There’s no question that unchecked government and unchecked capitalism are equally dangerous.
Imagine two scenarios: In one, American businesses innovate, grow, and compete globally, powered by a workforce with access to health care, education, and financial opportunity. That leads to a future where new industries emerge, life changing technologies are invented and prosperity is widely shared. In the other, we watch our competitive edge erode. Entrepreneurs can’t take risks because they can’t afford to get sick. Innovation stalls. Inequality deepens. Businesses fail. Families suffer.
The choice we face is not between capitalism and government but between a sustainable capitalism that works for all and a broken system that serves and favors only a few. In the Trump administration, we are witnessing government overreach against capitalism, gutting the very investments that allow capitalism to function. If we are to create jobs, local businesses, develop innovation, and protect the American dream, we must rise above party labels and partisan rhetoric and respond as patriots by learning from history. The investments that have cured disease and provided economic growth have made our country the beacon of innovation. That requires standing in defense of capitalism.
Zimmerman is a Democratic national committeeman, co-president of ZE Creative Communications and was the 2022 Democratic nominee for New York’s 3rd congressional district.
