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Dem Rep. Joe Kennedy pushing party to adopt 'moral capitalism.' What does he mean?

Joe Kennedy III speaks during a Remembrance and Celebration of the Life & Enduring Legacy of Robert F. Kennedy event at Arlington National Cemetery on June 6, 2018, in Arlington, Virginia. (Photo by Leigh Vogel/Getty Images for RFK Human Rights )

Democratic Rep. Joe Kennedy of Massachusetts is shunning President Donald Trump's version of capitalism, while also staying away from the far-left's embrace of socialism, and is now calling for the Democratic Party to adopt something called "moral capitalism," according to The Associated Press.

He criticized his own party for not offering legitimate alternatives to Trump's economic policies — a thinly veiled shot at Democratic attempts to run on socialist platforms in recent years.

"For years, the left has failed to offer a competing — compelling — economic vision," Kennedy said. "We'll have to do more than tax the rich to meet our needs in infrastructure, childcare, health care, college and climate change."

But what is 'moral capitalism?'

Kennedy took a route that it seems Democrats often take when it comes to economic policy — he didn't offer many details. In his remarks, he focused more on what his idea moral capitalism is not rather than what it is.

"[Trump's] is a country of bitter rivalry between fellow citizens, forced to endlessly spar over scraps of our system," Kennedy said. "My wages can't grow unless your food stamps go. Your medical bills can't fall unless my insurance gets taken away. So Americans spend their days fighting each other over economic crumbs -- while our system quietly hand delivers the entire pie to those at the top."

Other references to moral capitalism throughout the years point to the alleged corruption of the capitalism in its current forms and call for the need to restore higher ethical standards to the system, allowing for more care for people rather than a strictly "survival of the fittest" type of economy that can be brutally Darwinist.

Presidential aspirations?

Kennedy says he has no plans to run for president in 2020, but the congressman is considered one of the Democratic Party's rising stars, and with his attempt to carve out a seemingly more moderate economic position for his party than others of his political generation, he could be positioning himself for a future run.

 

One last thing…
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