Despite the recent financial crisisthat brought the U.S. economy to its knees, Americans should trust the private sector, not the government, if they want a lasting jobs recovery, Michael Steele, Republican National Committee, told CNBC Tuesday.
"First off, don't trust the federal government to get it done. We're here on Wall Street, we are Main Street. Trust those people who built the economy in the past," said Steele. "The reality of it is people are losing jobs because of a lack of trust in the folks who actually create wealth in this economy."
The federal government has never created sustainable long-term jobs, but instead only creates government projects that do not provide a real jobs recovery, Steele said.
Wall Street is part of Main Street, Steele argued, and said in order for real employment to be created people must put their faith in the capitalist system to create wealth and opportunity for the American people.
"There are bad apples in any situation, in any scenario, right? There's no doubt about that, but you cannot demonize ... the entire system because the regulatory process broke down, that individuals both in government and in the private sector got greedy and didn't do what they needed to do," said Steele. "...I'm saying trust the people who create the wealth and the economy of the country."
Correction: An earlier version of this report had Michael Steele saying Americans should trust Wall Street, not the government, to create jobs. He actually was referring to the entire private sector, which includes Wall Street, not just Wall Street itself.