Rock star and outspoken activist Bono acknowledged the benefits of capitalism recently, even as socialists in the U.S. condemn the free-market based economic system.
Speaking with business leaders at the World Economic Forum in Davos, Switzerland this week, the U2 frontman with an estimated net worth of about $700 million, touted the positive impacts of capitalism but hedged it a bit with a warning that the “wild beast” needs to be supervised.
“Capitalism is not immoral — it’s amoral. It requires our instruction,” the 58-year-old singer told the global leaders at a panel addressing a United Nations goal to end poverty by 2030 and the multitrillion-dollar financing gap it faces, according to The Irish Times.
“Capitalism has taken more people out of poverty than any other ‘ism.’ But, it is a wild beast, and, if not tamed, it can chew up a lot of people along the way,” Bono said.
The prominent activist with years of involvement global issues like extreme poverty and the fight against AIDS noted that the people affected are the ones now advocating for populism.
“And in fact, those people’s lives that it has chewed up, are pushing the politics in our homes towards populism, and so I think we have to think about the private sector, but we have to have some humility, about what we can achieve in the private sector,” he said.
Bono’s words come in the wake of ongoing rants by political socialists like Sen. Bernie Sanders, Sen. Elizabeth Warren and freshman Democrat lawmakers such as Rep. Alexandria Ocasio-Cortez who declared that a society which “allows billionaires to exist” while others live in poverty is “immoral.”
The self-proclaimed Democratic socialist found herself in a tight spot this week after President Trump announced his administration would officially recognize Venezuelan National Assembly President Juan Guaidó as the country’s president in the wake of a public outcry in the country against Venezuelan president Nicholas Maduro. The congresswoman has neither applauded nor condemned the move.
“That’s what socialism gets you. When they want to raise your taxes to 70 percent,” Trump said Thursday in what seemed like a jab at Ocasio-Cortez who has proposed a 70 percent marginal tax rate on the super wealthy.
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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