Sanders: 'Cheap shot' for Bloomberg to attack 'democratic socialism' as 'communism'

Sen. Bernie SandersBernie SandersDemocrats urge Biden to commute sentences of 4K people on home confinement Briahna Joy Gray: Push toward major social spending amid pandemic was 'short-lived' Sanders 'disappointed' in House panel's vote on drug prices MORE (I-Vt.) blasted Michael BloombergMichael BloombergWithout drastic changes, Democrats are on track to lose big in 2022 Bidens, former presidents mark 9/11 anniversary The tragedy of 9/11 — an inflection point in American history MORE on the debate stage Wednesday night after the former New York City mayor likened democratic socialism to communism.

Sanders called the remark a "cheap shot" before asking the billionaire candidate where he holds the majority of his assets.

"We're not going to throw out capitalism. We tried that. Other countries tried that," Bloomberg told Sanders. "It was called communism, and it just didn't work."

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Sanders took a question from the moderator before saying, "But let's talk about democratic socialism, not communism, Mr. Bloomberg, that's a cheap shot."

He then argued that citizens in Denmark, which former South Bend, Ind., Mayor Pete ButtigiegPete ButtigiegOn The Money — Presented by Wells Fargo — Pelosi plows full speed ahead on jam-packed agenda Blumenthal calls on Buttigieg to investigate American Airlines-JetBlue partnership LGBT film festival to premiere documentary about Pete Buttigieg MORE had mentioned moments earlier, were living with "a much higher quality of life, in many respects" than the U.S.

Sanders is a proponent of Nordic-style democratic socialism and frequently points to countries such as Denmark and Sweden as inspiration for some of his proposals like "Medicare for All."