Yet as a solution, "socialism would be far worse" than the current challenges of working families in the U.S., Rubio said.
Instead, he said, Catholics should look to "restore 'common good capitalism'" where people have dignified work and businesses can make a profit, while reinvesting in the company.
Professor Andrew Abela, founding dean of the Busch School, agreed with the importance of Rubio drawing attention to those "left behind" in today's economy. While the Busch School emphasizes "entrepreneurial capitalism" that exists "to serve others," today's "crony capitalism" promotes greed, selfishness, and a utilitarian view of workers, he said.
"The moment it's cheaper to move to China, you're gone," he said of the view of workers by corporations under "crony capitalism."
Rubio pitched specific policies as an antidote to today's economy, including preferences in the tax code for job creation, families with children, and higher wages for workers rather than company stock buybacks.
Rubio also said the U.S. should look to invest in whole industries such as aerospace, telecommunications, transportation and housing, "to retrofit past engines of productivity" for the new economy, and also revamp the Small Business Administration.
The proposal to reenergize the Small Business Administration was "music to my ears," Widmer told CNA, as his class seeks to form principled entrepreneurs who will create dignified jobs.
"We're not the business school you go to, to become the next president of GE," he said. "Here you come to run your family business."
Immigrant Catholics have had a storied tradition of running small businesses in the U.S., he said. "The Catholics aren't the Bill Gateses of the world. The Catholics are the dry cleaners and the lawn care companies and all of that kind of stuff," he said.
"We have a finance department and all of that, but the majority of our students are people who will go back and run Main Street, not Wall Street and not Silicon Valley," he said.
Matt Hadro was the political editor at Catholic News Agency through October 2021. He previously worked as CNA senior D.C. correspondent and as a press secretary for U.S. Congressman Chris Smith.