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Gavin Newsom: “The system the American founders built, well, was designed…”

Featuring: Gavin Newsom, Democratic | Governor of California

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We Need a National Tax on Billionaires. Here's Why.

Published | Video Starts at 01:53

It's been a, well, nearly 50 year experiment that has failed record. Corporate profits flowed into stock buybacks and executive compensation. It's time to stop pretending otherwise. We're nearing the 250th anniversary of this country's revolution. The system the American founders built, well, was designed to prevent the concentration of power in a few hands. But we've allowed that concentration to happen anyway. Slowly and in plain sight over the course of decades and decades. But we can reverse it. We can reverse it together. It's time to democratize the American economy to save our democracy. (01:53–02:04)

CLAIM

Asserts that the U.S. system was designed to prevent power concentration, but it has occurred regardless.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.


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PolitiQuote is a civic library index to statements made by politicians in publicly available video records. The index is created automatically from transcripts, with no editorial oversight or analysis. Highlighted quotes are selected by AI. Words may be added in parentheses to offer context for the quote. There may be errors in the transcription and display, so listen to the video to ensure accuracy.

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