By Robert Zimmerman
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 small business on Long Island for more than 35 years. Capitalism is neither a threat nor just a theory to me; it is a reality that provides opportunities for me as well as our employees, vendors and 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 wouldn’t be possible without two critical features: a social safety net that allows people to take risks, start businesses and join unions, and federal funding for research and development.
It is because of my commitment to capitalism that I stand in strong opposition to President Trump’s economic agenda.
Think about the child tax credit, the 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 Beautiful Bill — a 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 expense will cost as many as 80,000 New Yorkers their coverage. It will lead to the layoffs of more than 3,000 hospital workers in our state. It will reduce after-tax income not just for the very poor and vulnerable, but also for 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.
The latest jobs report indicates a slumping economy, with just 22,000 jobs added in August and the unemployment rate at the highest level since October 2021. This will only get worse as the administration’s unprecedented tariffs are fully implemented. Moreover, Trump’s decision to fire the Bureau of Labor Statistics commissioner over a weak jobs report and his attempt to fire Federal Reserve Governor Lisa Cook, in addition to eroding the independence of the Fed, are the tactics of a banana republic that undermine American capitalism. Our fellow citizens can’t succeed when they are denied opportunities to enter the middle class and build 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 vaccines, the space program and the internet. According to a recent Federal Reserve Bank of Dallas paper, non-defense government research and development has been responsible for more than 20 percent of productivity growth since World War II. Instead of doubling down on these critical investments, the Trump administration has canceled billions of dollars in grants for 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 in which new industries emerge, life-changing technologies are invented and prosperity is widely shared.
In the other scenario, 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 isn’t between capitalism and government, but between a sustainable capitalism that works for all and a broken system that serves and favors only a few. If we are to create jobs, power 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.
Robert Zimmerman is a co-president of ZE Creative Communications in Garden City.
