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Tipsheet

Home Depot Co-founder Pinpoints Why Capitalism Is in Danger

Elise Amendola

Home Depot co-founder Bernie Marcus is blaming “socialism” for Americans’ declining work ethic and has a warning about how that could affect the future of capitalism.

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Speaking to the Financial Times this week, the 93-year-old billionaire who co-founded Home Depot in 1978 said “nobody works.”

The prevailing attitude is, “just give it to me. Send me money. I don’t want to work—I’m too lazy, I’m too fat, I’m too stupid.”

He added: “Nobody gives a damn.”

Marcus claimed President Biden, whom he called “the worst president in the history of this country,” media outlets, “the woke people,” Ivy Leaguers, lawyers, accountants, and others are getting in the way of entrepreneurial success.

He lamented the loss of free speech, saying “the woke people have taken over the world.”

Marcus admitted to being “worried about capitalism,” which he said is “the basis of Home Depot [and] millions of people have earned this success and had success.”

From manufacturers to distributors, he said Home Depot’s success has also helped these groups of people.

“That’s the success. That’s why capitalism works.”  

Marcus also defended his track record of supporting Republican politicians. 

“I give money to them because I hope they’re going to do the right thing,” Marcus said of his contributions to Republican candidates.

He praised Trump for his policies, which he said were “spot on,” though he added “it’s going to be very interesting in ’24 because I think DeSantis will challenge him. And may the better man win.”

Marcus’ vocal support for Trump prompted calls on social media to boycott Home Depot.

Marcus said he doesn’t grasp the current trend of gearing business toward advancing political and social causes. Any attempt to “woke” him, as he put it, would fail, he said.

“The whole idea that a business is set up for social purposes doesn’t make sense to me,” he told FT.

Nonetheless, he said Home Depot “was one of the first companies that was socially conscious” — citing its efforts to help communities rebuild after they were hit with natural disasters. (New York Post)

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According to Financial Times, Home Depot has 2,300 stores throughout North America and is worth about $321 billion.


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