Obama scoffs at critics who call him 'socialist'

President Barack Obama has dismissed critics who call him a "socialist," suggesting they meet some real socialists if they think he's one.

At the Wall Street Journal CEO Summit, addressing 100 top business leaders, Obama said that people called him a socialist sometimes, adding that one has to have a sense of what a socialist is.

According to Politico, Obama, listing his capitalist bona fides, said that he was talking about lowering the corporate tax rate, his health care reform is based on the private marketplace, stock market's looking pretty good last time he checked.

He aid that it is true he is concerned about growing inequality in the country's system, but nobody questions the efficacy of market economies in terms of producing wealth and innovation and keeping us competitive, the report added.