On Wednesday, President Obama defended his economic policies in a speech before the Business Roundtable, a group of top corporate executives. Obama said his agenda has been unfairly described as “socialism.”

President Obama: “Contrary to the claims of some of my critics and some of the editorial pages, I am an ardent believer in the free market. I believe businesses like yours are the engines of economic growth in this country. You create jobs, you develop new products and cutting-edge technologies, and you create the supply chains that make it possible for small businesses to open their doors. So I want everyone in this room to succeed.”