Trump’s July 3 anti-communist rant from Mt. Rushmore was pure McCarthyism. In the 1950s, Joe McCarthy’s Red Scare ruined thousands of American lives through politically motivated accusations of communism. Hundreds of innocent people were sent to prison, thousands suffered witch hunts and ruined reputations; some were tormented into suicide.
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McCarthy made baseless and sensationalized claims, such as waving a fabricated ‘list’ of 205 alleged communists in the State Department, to elevate himself from a little-known politician into the most feared figure in Washington. Like Trump, McCarthy employed aggressive, evidence-free tactics to intimidate political opponents, silence critics, and consolidate power.
It was one of our nation’s darkest times, and Trump wants a re-enactment for the midterms.
At Mt. Rushmore, Trump tested midterm campaign slogans meant to scare voters into equating recent primary victories for the Democratic Socialists of America with a “communist takeover.” Never mind that socialism and communism are not the same; never mind that many federal programs like Social Security, Medicare, child labor laws, and subsidies are types of socialism in action. “We don’t want communists in our country,” Trump bellowed, warning of “a resurgence of the communist menace in our land,” “a mortal threat to American liberty,” and calling communism “the greatest threat to our country, including World War I, World War II, Pearl Harbor or even 9/11.”
Trump is the one pushing state-ownership of industry
Trump has repeatedly characterized the Democratic left as ‘hardcore, godless communists,’ an ‘evil’ that threatens the very existence of the United States. Because they have nothing else to run on, the GOP is preparing to double down on false claimsthat the modern Democratic party has capitulated to communism. Speaker Mike Johnson is all in, warning that if democrats win the midterms, the country will “go down some road toward a communist utopia.”
Lucky for Republicans, MAGA doesn’t understand what communism is. Under a communist system, the state owns all industry, and all resources belong to the government. The choke-worthy irony of Republicans’ new red scare is that the only U.S. leader pushing for state ownership of private industry is Trump himself.
It’s not an original observation to note that most Trump accusations are confessions; it’s pattern recognition. Trump accuses adversaries of his own malfeasance so often it’s become a reliable tell. After claiming without evidence that the 2020 election was stolen, for example, Trump’s attempts to rig the 2026 midterms have become legion. His accusations of “communism” should be understood the same way: as a confession.
Trump’s unprecedented federal acquisition of private interests
The Trump administration’s pursuit of direct government equity stakes across U.S. business sectors is both unprecedented and under-reported.
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Unlike past instances of government seizure or ownership during crises or wartime, this administration is strategically acquiring ownership to generate “public revenue” and to exert government control over corporate decision-making. Trump has already secured government ownership shares in the following sectors:
- Intel Corp.: Trump negotiated a $8.9 billion deal to take a 10% stake in the semiconductor giant’s business, using previously promised CHIPS and Science Actfunds as leverage. Trump insisted on the U.S. government acquiring 433.3 million shares, resulting in partial-nationalization of the semiconductor giant.
- Trump acquired stakes in critical mineral and nuclear firms, including an 8% stake in the nuclear power company Westinghouse. Trump’s Department of Defense secured a 15% equity stake in MP Materials by purchasing $400 million in preferred stock, solidifying Washington’s position as the largest shareholder of the only operational rare-earth mine in the United States.
- Trump’s Commerce Department has acquired a 10% stake in USA Rare Earth—receiving 16.1 million shares—as part of a $1.6 billion debt-and-equity investment package to develop a domestic mine and magnet facility.
- Critical Minerals & Energy: The government acquired a 10% equity stake in Lithium Americas Corp., and 10% of minerals exploration company Trilogy Metals In.
- U.S. Steel Corporation– Rather than a direct economic or financial equity stake, the federal government negotiated a governance stake known as a ‘golden share,’ granting the president substantial control over the steelmaker’s operations.
While these private interests have already been converted to partial state ownership, Trump has also expressed an intention to take ownership stakes in major defense contractors. Trump is pushing partial federal ownership of contractors that rely heavily on federal budgets, such as Lockheed Martin and Boeing, to ensure that the corporate strategies of top military contractors—who rely on the Pentagon for the vast majority of their revenue— align with Trump’s policies.
It is painfully obvious who the real communist is.
Trump’s oligarchy blends Putin’s Russia with Xi’s China
Trump is fast imposing authoritarian crony capitalism, where major industries and wealth are partially owned by the government, ala China, and partially controlled by a handful of corrupt oligarchs, ala Putin’s Russia. What Chris Christie recently called a “Putin-esque type of corruption and self-enrichment” is making Trump exceedingly wealthy along the way.
Trump’s unprecedented and growing acquisition of government ownership stakes in key industries proves that he is the one marching the U.S. economy toward state control. His and Johnson’s new mid-term slogans about the ‘cancer of communism’ are just more ironic self-owns with vast economic implications lost on their supporters.
Scott Bessent argues that, in grabbing shares of key industries, the administration is reducing U.S. dependence on China. To private industry leaders, and anyone outside the Fox News propaganda bubble, it looks like Trump is trying to beat China by copying it.
Sabrina Haake is a political analyst and 25+ year federal trial attorney specializing in 1st and 14th A defense. She writes the free Substack, The Haake Take.
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