House Speaker Nancy Pelosi said during remarks on Friday that America’s capitalistic system has failed to serve the nation’s economy adequately and that it needs to be improved.
The Democratic lawmaker said that “capitalism is our system, it is our economic system, but it has not served our economy as well as it should. And so what we want to do is not depart from that, but to improve it,” Pelosi said while speaking at the Chatham House in London.
She claimed that about four decades ago the U.S. had “stakeholder capitalism,” in which productivity increases were accompanied by pay increases for CEOs and workers, but she said this has since been replaced by “shareholder capitalism.”
“Productivity rises. CEO pay rises. Worker pay stagnates,” she said. “We cannot have an exploitation of our workforce where the wages have stagnated for decades and CEO pay has soared,” the lawmaker said.
Speaker Pelosi Speaks at Moderated Conversation at Chatham House
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Pelosi has spent more than three decades in Congress and is currently serving her fourth term as speaker. She is the first and only woman ever to hold the role of House speaker.
On Thursday during remarks at the Cambridge Union, Pelosi said that President Joe Biden “knows his foreign policy.”
Her comment about President Biden’s supposed foreign policy prowess arrived at a period when many have been lambasting the Biden administration for bungling the U.S. withdrawal from Afghanistan.
A recent Quinnipiac poll of U.S. adults found that a whopping 65% disapprove of the way the president handled the withdrawal of American troops, while just 31% approve.