Trump Administration Is Taking Ownership In Private Companies. The Strategy Has The Public Worried

Almost half of Americans believe that it's a bad idea for the U.S. government to take partial ownership of U.S.-based companies, according to a new survey.

The CNBC poll found that many Americans are skeptical of the practice that appears to be becoming increasingly common.

According to the Council on Foreign Relations, the Trump administration has, since January, finalized at least 30 deals worth about $27 billion. The Department of Commerce has been the most active, completing 17 deals alone, including acquiring a 10 percent stake in Intel.

"Washington's latest and boldest experiment in industrial policy is a renewed willingness to take equity stakes," the council stated. It noted that the government used to focus primarily on grants, loans, and tax incentives in dealing with private companies, but has now shifted into "direct ownership."

The poll found that 49 percent of Americans disapprove of the activity. About 32 percent of respondents were undecided on the issue, and only about 19 percent supported the practice.

CNBC reported that the Intel deal was among the largest and that the U.S. government initially planned to provide $8.9 billion in grants under the Biden administration. When Trump came to office, the government altered the deal to 10 percent of equity in Intel.

So far, that investment has ballooned in value by 372 percent and is now worth $42 billion, CNBC noted. The network reported that critics worry about the long-term ramifications of the government owning large stakes in private companies.

"I understand that sometimes it makes sense from a national security standpoint and from a taxpayer standpoint," Sen. Jon Husted, R-Ohio told the outlet, adding that such arrangements "shouldn't be permanent."

The All America poll was conducted from July 8-12 and surveyed 1,000 registered voters. The poll had a margin of error of plus or minus 3.1 percentage points.

Overall, the poll found that most Americans were pessimistic, with 61 percent worried about where the economy is headed. Only 25 percent were optimistic about the country's economic future.

The poll found that many Americans were adjusting how they live their lives because of rising prices. About 47% of respondents said that they had cut back on essential items such as food and medical care. That figure was up 6 points since the previous survey in April.