DealBook Summit Newsom Says Trump’s Attacks Are “Not Normal Behavior”
Dec 4, 2025
Gavin Newsom, Governor of California and a potential 2028 presidential candidate, reflects on the future of the Democratic Party while critiquing Trump’s behavior. He discusses using social media to reveal the abnormality of Trump’s rhetoric and flags the risks of Trump manipulating future elections. With insights on wealth inequality, Newsom outlines alternatives to a wealth tax. He emphasizes the need for a unified Democratic vision while warning against crony capitalism and corporate complicity in politics.
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Democrats Back On The Offense
- Gavin Newsom argues the Democratic Party has shifted from defense to offense and is winning again after recent elections.
- He attributes the turnaround to regained enthusiasm, unity, and a willingness to fight electorally.
Democracy Requires Economic Inclusion
- Newsom links economic inclusion to preserving democracy and warns of unsustainable wealth concentration.
- He emphasizes designing growth that democratizes the economy to avoid political instability.
Be Pragmatic About Wealth Taxes
- Avoid a statewide wealth tax in California because people and capital can relocate and asset valuation is complex.
- Be pragmatic about competitiveness and consider labor opposition and implementation challenges.
