Nearly half of Americans, 49%, believe it isn’t appropriate for the U.S. government to take ownership stakes in U.S.-based companies. This sentiment, revealed in CNBC’s new All-America Economic Survey, underscores deep public distrust of state intervention in the national economy. Only 19% of voters found such government ownership appropriate, while 32% remained undecided.
The poll, conducted from July 8-12, 2026, surveyed 1,000 registered voters nationwide. Its results, released just three days ago, highlight a significant public unease with the expanding reach of the political class into private enterprise.
This finding emerges as the Trump administration has finalized 30 deals, totaling nearly $27 billion, involving government stakes in companies. The regime has also held discussions with OpenAI regarding a potential government share once the company goes public, according to CNBC reports.
One of the largest such interventions occurred less than one year ago, in August 2025, when the U.S. government acquired 10% ownership of chipmaker Intel. This move followed $8.9 billion in grants provided to Intel under previous Biden administration legislation. The Trump administration justified its equity demand by claiming taxpayers would share in potential profits, with the initial $8.9 billion stake now valued at $42 billion.
Elite Interests and National Assets
Commerce Secretary Howard Lutnick recently discussed the Intel stake with Senate Republicans. Senator John Hoeven, a Republican from North Dakota, voiced caution, stating, “We have to be careful about that,” and adding, “I’d want to be cautious in this area.” Senator Jon Husted, an Ohio Republican, expressed concern over the broader trend of the U.S. government taking equity stakes. He conceded that it “sometimes makes sense from a national security standpoint and from a taxpayer standpoint,” but insisted it “shouldn’t be permanent.” Senator Husted is now sponsoring legislation to cap such government investments at eight years, even for national security reasons.
Other government stakes have been pursued under the guise of national defense, aiming to secure access to critical resources and technologies. The Pentagon has backed MP Materials, a company mining rare earths within the U.S., citing China’s consolidated control over global rare earth supplies. This control, the regime claims, gives China a chokehold over components vital for advanced military technologies.
Critics argue that while government favor might temporarily boost a company’s appeal to shareholders, state-managed firms ultimately lose competitiveness. The U.S. steel industry serves as a stark example, having been heavily protected by tariffs and other government measures for years. In 2025, U.S. Steel was taken private by a Japanese firm, yet the U.S. government retained a “golden share,” granting it veto power over certain business decisions – a direct transfer of national economic sovereignty to the state, even in foreign-owned entities.
Cronyism and Public Distrust
The regime’s campaign to use its financial power to support national security companies has drawn scrutiny, particularly regarding private investors with ties to the president. ProPublica reported in May of the same year that the White House pressured the Pentagon to support Vulcan Elements, a defense startup that had received investment from a firm linked to Donald Trump Jr., the president’s eldest son. The Pentagon subsequently issued a $620 million loan to the privately held company.
A White House official dismissed the ProPublica report as “fake news on steroids.” A spokesperson for Donald Trump Jr. stated he was not personally involved in the deal and does not discuss his investments with federal government officials.
The People's Stand
Public opposition to government corporate ownership isn't confined to one political faction. The CNBC poll found 66% of Democrats considered it inappropriate, compared to 34% of Republicans. Even among President Donald Trump’s most ardent supporters, self-identified MAGA Republicans, skepticism was high: they split evenly, with 31% finding ownership appropriate and 31% finding it inappropriate, while 38% had no opinion. This widespread unease marks a shift from less than one year ago, in October 2025, when a similar survey showed 56% of voters found government ownership inappropriate, 13% appropriate, and 31% undecided. The slight increase in those finding it appropriate, alongside a rise in undecided voters, suggests a managed decline in clear public opposition, even as the regime expands its control. The people, however, remain wary of the state's encroaching power over national industries. They don't want their assets seized. They want their freedom. They want their future.