Kevin Hassett, director of the National Economic Council, not only defended the Trump administration’s move to use taxpayer money to buy a 10% stake in U.S. chip maker Intel—but also said more could follow. "Okay, so we should expect the U.S. government to be taking more equity stakes in businesses around the country?" CNBC’s Andrew Ross Sorkin asked Hassett. "It's possible. Yeah. That's absolutely right,” Hassett replied.
The action was met with immediate criticism, with some on the right accusing the Republican-run White House of abandoning its values. Conservative radio host Erick Erickson called the plan “terrible” and said it was “actual socialism happening by a Republican administration.”
Republican Sen. Rand Paul of Kentucky also attacked the administration over the proposal, which he called a “Terrible idea” in a post on X on Wednesday: “If socialism is government owning the means of production, wouldn’t the government owning part of Intel be a step toward socialism?”
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