The corporations that produce the newest jobs in the United States are on the receiving end of a war waged by the Biden administration. The Federal Trade Commission’s (FTC) recent case against Google gained a lot of attention this week, but it’s just one of many ways the FTC and DOJ are harming the American economy (DOJ).
Non-elected radical officials have been in charge of these organizations for the past eight months. They have made an effort to halt the expansion of America’s largest corporations or maybe break them up entirely. A further loss of jobs is likely if the Biden administration is successful in slowing or stopping growth.
Due to falling stock prices, layoffs in America’s technology sector have dominated business headlines in 2023. Microsoft’s stock has dropped 26% since the beginning of the year, while Google’s has dropped 36% and Meta’s has dropped 65%.
And yet, Biden’s DOJ has now filed suit against Google, claiming that the search engine is an unstoppable behemoth. The FTC has blocked both Microsoft’s planned acquisition of a video game firm and Meta’s planned acquisition of a virtual reality company. They argue this because it would have a negative impact on the business overall. If you add two and get four, you’re either wrong or the FTC and DOJ are wrong in their lawsuits.
The math in the antitrust claim against Google is suspect as well.
“The Department of Justice has declared Google to be a “monopoly” in the advertising industry since it has no direct competitors and adversely affects consumers.”
In contrast, Google’s share of the digital advertising market is merely 29% and has been declining for years. The cost of digital advertisements is at an all-time low, and their quality has never been higher. Only a highly competitive market could produce such results.
Remember that politics and ideology, not concerns for consumers, are driving this fight on American technology.
Have a look at the biography of Lina Khan. The FTC reports to her. Khan gained widespread notice after he argued in a law school thesis that Amazon’s prices were artificially cheap. Thereafter, she delivered more progressive speeches. On the one hand, she lauded a far-left organization that believes “the free market is gone” and advocates for a universal basic income.
“Khan’s determination to combat low prices is indicative of her lack of concern for American customers, and her shameless use of her influential position to advocate for progressive ideas shows that she has no qualms about hurting ordinary people in the process. She may be well-intentioned, but her beliefs will actually make it more difficult for Americans to find gainful employment”.
The results of out-of-touch progressivism have been laid bare before us in the form of a faltering economy and unchecked inflation.
Food and gas prices continue to rise in the United States as the wealthy at the FTC gripe about how cheap they are. The American economy and the lives of our workers would suffer further as a result of this strategy. Don’t trust me? Just ask a West Virginian or a Kentuckyn who has worked with coal.
“This is the norm for people who work for the government. Joe Biden, Vice President under Obama, instituted them. It’s a method of governing that basically amounts to “by any means necessary.” It has the propensity to disregard the truth, the law, and the Constitution in service of political ends”.
However, Biden’s assault on the job market isn’t limited to the IT sector. The FTC has proposed reinstating regulations that prohibit wholesale price breaks. They are making a concerted effort to prevent Coke and Pepsi from selling soda in bulk, as this would cut into the savings we enjoy at warehouse clubs like Costco and Sam’s Club and put their employees out of employment.
The Federal Trade Commission (FTC) wants to make deferred compensation arrangements illegal, which would reduce the benefits available to workers. The beverage business employs a lot of people, and Biden’s Treasury Department intends to eliminate all of those jobs by destroying Budweiser and replacing it with “craft beer.”
Once again, they are engaging in all of this rather than trying to strengthen the American economy and reduce inflation. They are upsetting low-priced consumers and endangering employment stability.
The Biden administration has lost its way. The problems illustrated by the FTC and DOJ are only the tip of the iceberg when it comes to the government’s relationship with the general public.
Fortunately, Republicans in the House want to ensure that these agencies respond to them. They will demand explanations and demand that the government ceases funding the terrible people in question.
Let’s hope that this shift is implemented promptly to prevent more damage to our economy.
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