Steve Forbes is sounding a warning bell that every patriot ought to hear: the federal government’s recent habit of buying into private companies and inserting itself into corporate decisions is not conservatism — it’s creeping socialism dressed up as national security. Forbes argues these actions set dangerous precedents that concentrate power in Washington and replace market judgment with political favor; that should make every hardworking American uneasy.
That unease isn’t theoretical anymore. In August the federal government converted billions in CHIPS Act funds into nearly a 10 percent stake in Intel, making Washington one of the company’s largest shareholders and signaling a new willingness to swap grants for equity. This was framed as a move to secure domestic chip production, but converting subsidies into ownership blurs the line between public support and state control.
We’ve also seen what a “golden share” looks like in practice with the U.S. Steel deal, where the administration secured veto powers over executive decisions and plant closures — powers that critics rightly say read like the playbook of state-directed enterprises. Giving the executive branch leverage to block layoffs, relocate factories, or dictate board seats isn’t free enterprise; it’s a permanent hand of government over private industry. The immediate justification may be national security, but the long-term danger is political supervision of business.
This isn’t limited to chips and steel. The administration has been quietly expanding equity interventions across supply chains—rare earths, batteries, and even discussions about stakes in major defense contractors—positioning the state as a market actor rather than a neutral regulator. Commerce officials have openly mused about taking equity positions in firms like Lockheed to secure supply and influence decisions, a shift from classical conservative support for private enterprise toward state capitalism.
Forbes and other free-market voices warn that the precedents now being set will be abused if the political winds change; when Democrats regain power, these tools of intervention will be used far more aggressively to redistribute, regulate, and punish rivals under the banner of “public interest.” That isn’t paranoid spin — it’s predictable politics: power left unrestrained in Washington inevitably becomes a tool for whoever controls the levers to reward allies and punish opponents.
Hardworking Americans deserve better than a future where politicians pick winners, swap subsidies for ownership, and turn private enterprise into an arm of the state. We need strict oversight, immediate legislative limits on converting subsidies into equity, and a renewed commitment to market-based solutions that respect property, competition, and innovation. If we don’t act now to roll back this creeping state control, the next administration will inherit a toolkit that can hollow out liberty and reward cronies — and the American dream will be the casualty.
