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U.S. Senator Marco Rubio (R-FL) joined The Business Briefing to discuss his call for President Biden to ban U.S.-China travel, the Putting American Autoworkers First Act, Florida’s economic growth, and more. See below for highlights and listen to the full interview...
Rubio Speech To House Conservatives Marks Free-Market Evangelism’s Decline
By Emily Brooks
May 12, 2021
The Washington Examiner
The largest conservative caucus in the House embraced Florida Sen. Marco Rubio’s argument in favor of populistlike economic policies on Wednesday, marking one of the clearest signs yet of the Republican Party shifting ideologically away from free-market evangelism.
In a speech to a closed-door Republican Study Committee lunch on Wednesday, Rubio argued for challenging “the orthodoxy that the market’s always right” in what he has called “common-good capitalism.”
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Indiana Rep. Jim Banks, chairman of the Republican Study Committee, had high praise for Rubio.
“This is a new moment in the conservative movement,” Banks said. “I don’t believe that anyone has captured it, or articulated better about where the movement is going, better than Sen. Rubio has in the Senate.”
“The challenge we have as conservatives, as Republicans, is we believe in the market. The market is the most efficient allocator of capital the world has ever known and the biggest eradicator of poverty in the world has ever known,” Rubio said. “But what happens when the market outcome, as occurs from time to time, the most efficient outcome, is not in our national interest or runs counter to our national security? Because the market is pretty clear it is more efficient to buy basic pharmaceutical ingredients from China.”
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So many members of the Republican Study Committee attended the event that they ran out of food. A room at the Capitol Hill Club, a temporary lunch meeting space due to COVID-19 constraints in the Capitol, was full, plus there was an overflow room. No member publicly challenged or disagreed with Rubio’s argument.
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