Bernie Marcus, the co-founder of Home Depot and a billionaire philanthropist, said on Tuesday it "pains" him to "see people in this country glorifying socialism."
Marcus delivered a message on behalf of Job Creators Network addressing his concerns over young people glorifying socialism over capitalism.
Recent Stories in Politics
"I want to start by saying something politically incorrect. I love America, I do. I love America because it's the greatest country in the world," Marcus said. "I think there are two big reasons why this country is so great. The first is our Constitution, which guarantees the freedom of speech and expression. The second is our free market system. The free market system has been the biggest creator of wealth and prosperity the world has ever known."
Marcus went on to say while he is no longer in management at Home Depot, he still believes in the free market system that helped make his company successful. He then transitioned his message to socialism and explained why he was concerned about more Americans glorifying the system.
"Young people especially have been indoctrinated into believing that free enterprise is immoral because it enriches the greedy and depresses the poor. Even the word ‘capitalism' is not politically correct to use, but the reality is that the free market system has created the biggest middle class population in the world and while some may say socialism is well-intentioned, the fact is it robs people of their independence, their dignity, and their finances leading to government dependence, suppression of ideas, and lower standards of living for those under its thumb."
Later in the video, he discussed charitable giving and how people have to make money to give money, adding, "It's not an evil concept."
"In the last 15 years, I've donated to causes that have included medical research, Autism research, advocacy for veteran's causes, and even building the Georgia aquarium. Call it whatever you like– free markets, free enterprise, or even capitalism," Marcus said. "I don't care as long as you understand that these three market ideas have been giving back in these big ways possible."