Mr Biden’s antitrust choices argued that Facebook, Google and Amazon have monopoly power and have used their dominant positions in social media, search and online retail to crush competitors, leaving consumers less options, although this does not result in higher costs. .
Businesses and some economists disagree. Facebook cites TikTok, Snap, and Twitter as examples of competitors, and Amazon says it only owns 5% of all retail sales in the United States, despite eMarketer research study showing 40% of all retail sales. online occur on its platform.
The president and his staff have made his adoption of a “trustbuster” mentality a crucial step towards rebalancing the economy not only to lower prices, but also to fuel more competition and create well-paying jobs.
“I always thought that the free market system was not just that there was competition between companies, but guess what: companies should be competing for workers,” Biden told an interview. CNN hearing in Ohio on Wednesday, promoting his executive order. “Guess what – maybe they’ll pay more money. “
White House officials argue that placing tenacious regulators in powerful positions can enable them to be successful in antitrust efforts in a way that President Donald J. Trump, who also issued an executive order on competition and talked about breaking technology and hospital mergers, did it. not.
“We are optimistic,” said Diana Moss, president of the American Antitrust Institute and a proponent of tougher competition. “But when the rubber meets the road, they will have to juggle an aggressive agenda with the realities of the courts, Congress and outside pressures. “
Some economists warn that those named by Mr Biden could go beyond efforts to break the concentration that really stifles competition and hurts consumers and in industries like restaurants or grocery stores. There, they say, the entry of national players into local markets has, in many cases, given clients more options and created more jobs.