U.S. Treasury Secretary Scott Bessent criticized communist economic systems during an interview with Fox News, arguing that lower prices in countries such as Cuba and Venezuela reflect widespread poverty rather than prosperity, News.Az reports.
Asked whether communism could make life more affordable, Bessent dismissed the idea, saying authoritarian systems achieve lower prices by impoverishing their populations.
***
“Things are very cheap in Cuba. Things are very cheap in Venezuela because nobody has any money,” Bessent said.
He argued that reducing the money supply and economic activity leaves citizens destitute rather than improving living standards.
“You can level things off and make everyone destitute,” he said.
Recalling a visit to Russia following the collapse of the Soviet Union, Bessent said he witnessed the effects of decades of communist rule firsthand.
“It was just destitution. Nothing there,” he said of the post-Soviet economy.
Bessent predicted that most Americans would reject communist-style policies despite support from what he described as a vocal minority.
“I think the American people are gonna push back,” he said.
