Obama scoffs at people who call him socialist

US President Barack Obama has dismissed critics who call him a "socialist" and suggested they should meet some real socialists if they think he is one.

"People call me a socialist sometimes. But, no, you gotta meet real socialists. You'll have a sense of what a socialist is," Obama said in his address to the Wall Street Journal CEO Summit.

"I mean, I'm talking about lowering the corporate tax rate. My healthcare reform is based on the private marketplace. Stock market's looking pretty good last time I checked, and, it is true that I'm concerned about growing inequality in our system, but nobody questions the efficacy of market economies in terms of producing wealth and innovation and keeping us competitive," Obama said.

"On the flip side most Republicans -- even the Tea Party -- one of my favourite signs during the campaign was folks hoisting a sign -- governments, keep your hands off my Medicare. Think about that," he said amidst laughter.

"I mean, ideologically, they did not like the idea of the federal government, and yet they felt very protective about the basic social safety net that had been structured," Obama said.