Ford Lost $35 Billion on EVs—This Is What Fake Capitalism Looks Like

Dear Reader,

Two hundred and fifty years ago, Adam Smith wrote The Wealth of Nations.

The same year America declared independence. Both documents said the same thing: freedom works. Government control doesn't.

• Only 41% of Americans believe capitalism is better than socialism, with 38% unsure—confidence in capitalism hit an all-time low. 

• Real capitalism means benefiting others to benefit yourself—when the federal government takes equity stakes, everyone loses.  

• Adam Smith explained 250 years ago that free people create prosperity— when success depends on political connections, capitalism dies. 

• Hidden inside the Big Beautiful Bill are new carve-outs that could slash your tax bill, multiply your income, and protect your family's wealth. Donald Trump and I wrote the only book that shows you exactly how. Click here to claim your copy!

In 2026, we'll celebrate both anniversaries.

But here's the problem: most Americans don't understand what we're celebrating anymore.

And Ford just proved why that matters.

Ford's $35 Billion Lesson in Fake Capitalism

Ford just took a $19.5 billion writedown on electric vehicles. Total EV losses? Over $35 billion.

That's more than three times Ford's total profits since 2022.

Let that sink in.

Ford makes money selling F-150 trucks. Real trucks. For real customers who do real work.

But they went "all-in" on EVs instead. Why? Because the government told them to.

The government promised subsidies. Mandates. Favors. The whole package.

So Ford invested $11 billion in EV manufacturing. Created 11,000 jobs. Made the "single biggest investment" in the company's 118-year history.

For what? A niche market of wealthy, white, male, liberal voters in a handful of Democratic cities.

That's not capitalism. That's corporate stupidity following government orders.

The Numbers Are Terrifying

But Ford's not alone in forgetting what capitalism means.

December 2025 poll: only 41% of Americans say capitalism is better than socialism.

Twenty-one percent choose socialism. Thirty-eight percent don't know.

Gallup confirms it. Only 54% view capitalism positively. Lowest ever recorded.

Why? Because what Americans see—companies following government mandates, losing billions, destroying shareholder value—they think that's capitalism.

It's not.

What Real Capitalism Looks Like

Adam Smith nailed it 250 years ago: "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

In real capitalism, you get rich by serving customers.

Ford's customers wanted F-150s. Broncos. Mustangs. Gas-powered trucks that work.

Ford built EVs nobody wanted instead.

Why? Government pressure. Subsidies. CAFE standards. Political favors. That's state capitalism. Not real capitalism.

Real capitalism would have Ford selling what customers actually buy. Making profits. Creating value.

Instead, they followed the government. Lost $35 billion. And called it "commitment."

State Capitalism Destroys Value

Ford's not the only example.

The federal government now holds equity stakes in Intel, MP Materials, Lithium Americas, U.S. Steel.

State and local governments offer targeted tax breaks to favored companies.

Success depends more on political connections than serving customers.

That's not capitalism. That's politics wearing a market costume. The slow-walk to communism. 

Adam Smith warned about this: "The statesman who should attempt to direct private people in what manner they ought to employ their capitals would assume an authority which could safely be trusted to no single person."

The government shouldn't direct capital. Markets should.

Ford ignored that. Now they're paying.

Even Republicans Forgot

Here's the scary part.

One-quarter of Republicans say they're unsure whether capitalism or socialism is better.

Republicans. The party of free markets.

They justify government intervention as "national security." As "industrial policy." As "competing with China."

But it's still the government picking winners. Still politics over customers.

Ford followed this playbook. Went all-in on the government's EV agenda.

Result? Thirty-five billion in losses.

That's what happens when you serve politicians instead of customers.

What Ford Should Have Done

Ford makes money on F-150s.

Trucks that haul. Tow. Work. That real customers with real needs actually buy. They should have made more of those.

Instead, they chased government subsidies for EVs that "wealthy white male liberals" in Democratic cities bought.

Niche market. Not mass market.

Now they're pivoting back. Saying by 2030, only half their vehicles will be EVs or hybrids.

Still haven't learned. Should be zero percent EVs unless customers actually want them.

Make what customers buy. That's capitalism.

The Freedom Connection

Economic freedom and personal freedom are the same thing.

When government controls what companies build, it controls markets.

When politicians decide product mix, they decide economic winners.

When Ford follows mandates instead of demand, everyone loses.

Shareholders lose $35 billion. Workers lose jobs. Customers lose choice.

That's state capitalism destroying value. Destroying freedom.

The Choice We Face

Two hundred and fifty years ago, Adam Smith and America's founders got it right.

Free people, trading freely, create prosperity.

Government control, however well-intentioned, destroys it.

Ford just gave us a $35 billion lesson in that truth.

They abandoned their customers. Chased government favors. Lost billions.

And Americans see this destruction. Think it's capitalism. Lose faith in markets.

That's the real tragedy.

The Bottom Line

Only 41% of Americans still believe in capitalism.

Not because capitalism failed. Because they don't know what capitalism is anymore.

They see Ford losing $35 billion on government-mandated EVs. Think that's capitalism.

It's not.

Real capitalism is simple: Serve customers. Meet their needs. Make profits.

Ford served politicians instead. Lost billions. Destroyed shareholder value.

That's state capitalism. Government control. The opposite of freedom.

Adam Smith explained this 250 years ago. Make what people want. Benefit others to benefit yourself.

Ford forgot. Most Americans forgot. Even Republicans forgot.

And now we're all paying the price.

Time to remember what capitalism actually is.

Before we lose it completely.

Kiyosaki Unsensored

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