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Former presidential candidate Martin O'Malley gave a shoutout to capitalism and called for Democrats to start "acting like a party."

"The truth is, we were wiped out," O'Malley said on "Fox & Friends" Friday, referencing governor's races and state legislatures that Democrats lost leading up to the 2016 election.

"Shame on us. We need to act like a party. We need to realize every state matters," the former Maryland governor stated.

Affordable college, a government that invests in America, and higher wages for hard work were at the top of O'Malley's list.

"This isn't rocket science, but it is the proper practice of American capitalism, which means that the more our people earn, the more they spend, the more our economy grows."

He also slammed the GOP tax bill for "bankrupting our country."

"There's nothing in this tax reform that does anything for job creation."

O'Malley said he is "putting his shoulder" into helping Americans and is leaving the door open for a 2020 presidential bid.

O'Malley was one of a few challengers to Hillary Clinton in the 2016 Democratic primary, the most prominent being self-described socialist Bernie Sanders.

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