Raimondo Calls American Capitalism Fundamentally Broken
Former Rhode Island governor and commerce secretary Gina Raimondo made the argument at the What's Next conference in Denver.
Updated on Nov. 14, 2026 in Regional Economics
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Former U.S. commerce secretary Gina Raimondo said capitalism in America is fundamentally broken for most people while speaking at the What's Next conference in Denver. She called for overhauling the tax code and increasing bargaining power for workers.
Why it matters
Raimondo, a former venture capitalist and governor, framed her critique around midterm voters who rejected high costs, unrewarded hard work and wealth concentrated at the top. Her remarks add to the debate over how the economic system serves working Americans across the country.
Raimondo cited nearly 10 million full-time American workers who depend on Medicaid and food stamps, and said 114 of the country's most profitable companies paid zero federal income tax last year. The figures were presented as speaker claims, and the source does not detail independent verification or the methodology behind them.
The players
Gina Raimondo
Raimondo is a former venture capitalist who served as U.S. commerce secretary and as governor of Rhode Island, and she co-founded the Point Judith Capital firm.
Majority Democrats
Majority Democrats is the organization that hosts the What's Next conference, a three-day event held in Denver.
The details
At the three-day What's Next conference, hosted by Majority Democrats in Denver, Raimondo delivered her remarks as prepared text. She pointed to Bulova's 1983 move of Rhode Island factory production to China and to the CHIPS and Science Act, which she said supported 125,000 jobs, and noted that she co-founded Point Judith Capital and launched the RAISE US nonprofit with former Indiana governor Eric Holcomb.
Timeline
1983: Bulova moved Rhode Island factory production to China.
Last year (2025): 114 profitable companies paid zero federal income tax, Raimondo said.
Last week (early November 2026): Midterm elections produced a blue wave for Democrats.
Friday, November 13, 2026: Raimondo delivered remarks at the What's Next conference in Denver.
Economic Policy Context
Raimondo points to the CHIPS and Science Act's $52.7 billion authorization as a model of federal investment that she says supported 125,000 jobs, positioning it against the offshoring of manufacturing such as Bulova's 1983 move to China. Her critique extends that debate by pairing industrial policy with calls to overhaul the tax code and strengthen worker bargaining power.
Raimondo's remarks point toward a possible overhaul of the tax code and stronger worker bargaining power, which could affect household budgets through wages and benefits. For now, she has proposed no specific legislation, so the practical effects on taxes or pay remain unsettled.
The takeaway
Raimondo's argument links the offshoring of factory work and the concentration of profits to pressures on working families, a case that will be tested by how policymakers respond in the coming term. Readers can watch for concrete tax-code and labor proposals that would turn these critiques into policy.
Further reading
For broader context on regional and national economic trends, explore more in Regional Economics.
Source note: This article includes information reported by The Boston Globe.
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