Sen. Rand Paul (Ky.), a libertarian-minded Republican, criticized the Trump administration’s push to acquire a stake in U.S. chipmaker Intel, suggesting the move would be a “step toward socialism.”
“If socialism is government owning the means of production, wouldn’t the government owning part of Intel be a step toward socialism?” Paul said on Wednesday in a post on the social platform X.
“Terrible idea,” he added, linking to a news story about the latest effort.
The Trump administration is in talks to secure a 10 percent stake in the company, which would make the U.S. government one of Intel’s largest shareholders.
Commerce Secretary Howard Lutnick said Tuesday that the money for the stake would come from previously allocated Biden-era funding. Media reports have suggested that the stake would be in exchange for converting grants pledged to Intel under the CHIPS and Science Act.
“The president figures out that we should get, America should get the benefit of the bargain,” Lutnick told CNBC’s “Squawk Box.”
“I mean, that is exactly Donald Trump’s perspective, which is, why are we giving a company worth $100 billion this kind of money?” he continued. “What is in it for the American taxpayer? And the answer Donald Trump has is we should get an equity stake for our money.”
Paul has long pushed for the federal government to play a smaller role in the daily lives of Americans and the U.S. economy. He voted against President Trump’s legacy-defining policy bill, citing concerns about increased spending and the national debt.
