Sen. Bernie Sanders Bernie SandersKenosha will be a good bellwether in 2020 Biden's fiscal program: What is the likely market impact? McConnell accuses Democrats of sowing division by 'downplaying progress' on election security MORE (I-Vt.) blasted Michael Bloomberg Michael BloombergTop Democratic super PAC launches Florida ad blitz after Bloomberg donation The Hill's 12:30 Report - Presented by Facebook - Latest with the COVID-19 relief bill negotiations The Memo: 2020 is all about winning Florida MORE on the debate stage Wednesday night after the former New York City mayor likened democratic socialism to communism.

Sanders called the remark a "cheap shot" before asking the billionaire candidate where he holds the majority of his assets.

"We're not going to throw out capitalism. We tried that. Other countries tried that," Bloomberg told Sanders. "It was called communism, and it just didn't work."

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Sanders took a question from the moderator before saying, "But let's talk about democratic socialism, not communism, Mr. Bloomberg, that's a cheap shot."

He then argued that citizens in Denmark, which former South Bend, Ind., Mayor Pete Buttigieg Pete ButtigiegBipartisan praise pours in after Ginsburg's death Bogeymen of the far left deserve a place in any Biden administration Overnight Defense: Woodward book causes new firestorm | Book says Trump lashed out at generals, told Woodward about secret weapons system | US withdrawing thousands of troops from Iraq MORE had mentioned moments earlier, were living with "a much higher quality of life, in many respects" than the U.S.

Sanders is a proponent of Nordic-style democratic socialism and frequently points to countries such as Denmark and Sweden as inspiration for some of his proposals like "Medicare for All."