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DeMint: Obama jobs bill is ‘venture socialism’

Sen. Jim DeMint (R-S.C.) said President Obama is practicing venture socialism with his jobs proposal.

The conservative Tea Party favorite played off the term venture capitalism in criticizing Obamas ideas for improving the economy.

I would love to be able to work with the president on something, but hes basically practicing what we call venture socialism. Hes basically taken the approach where its the government that needs to stimulate jobs, DeMint said Wednesday on Fox News’s On the Record with Greta Van Susteren. 

DeMint said the difference of opinion on the governments role in job creation between some Democrats and Republicans makes it difficult to compromise on economic issues.

There are a number of Democrats ... and this is the scariest thing of all, who really believe that government spending is the major part of our economy,” DeMint told Van Susteren.

He added that there is a polar-opposite vision on what makes America work.

DeMint called for a moratorium on regulation, reform of the tax code and an opening up of energy supplies to help create jobs.

Its not that were not willing to work with [Democrats] and compromise in a lot of ways, but the president has just sold out to big labor, to radical environmentalists — and this isnt a partisan comment — all you have to do is look at every bill hes tried to pass, DeMint said.