Big Tech Feeds The Mouth That Bites Them

Unleash Prosperity Hotline
Issue #331
07/21/2021
1) Big Tech Feeds The Mouth That Bites Them

Big tech firms were gargantuan donors to Democrats and especially to Joe Biden in 2020. It’s not a stretch to say that many Democrats – including possibly Biden – owe their victories to big tech’s tidal wave of money. The table below shows a rough approximation from various sources for how much was given by PACs and employees of six of the biggest tech firms to Democrats versus Republicans. This is surely an underestimation of the deluge of money from Silicon Valley, as it doesn’t include donations by super PACs:

Political Donations by Corporate PACs, Employees and CEOs, 2020

                                          Amount     % to Dems    Repubs

Google/Alphabet              $21 million           80%        7%

Microsoft                          $17 million           75%       14%

Amazon                           $9 million             70%        14%

Facebook                        $6 million              80%        10%

Apple                              $6 million              80%           4%

Netflix                              $7 million              80%         10%

Source: Observer and FEC records. See: “Big Tech and CEOs Poured Millions into Election. Here is Who They Gave to” https://observer.com/2020/11/big-tech-2020-presidential-election-donation-breakdown-ranking/

It’s a free country and firms and their executives and employees are free to donate to who they wish.

But we mention these contributions because Joe Biden just made his second most important choice for antitrust regulation. The first was the new head of the Federal Trade Commission, Lina Khan, a Columbia law professor. She is ferociously anti-business and of course, has zero knowledge of anything to do with running a business. She wants to use antitrust laws to break up or regulate not just the tech giants, but every corner grocery store in America. It’s hard to conceive of a worse choice…with the possible exception of the new pick to head antitrust at the Justice Department, Jonathan Kanter. The White House assures us that Kanter will “promote strong and meaningful antitrust enforcement.” 

Oh and let us not forget Tim Wu the antitrust expert at the White House, who is also a warrior for breaking up big tech.

We can summarize this situation very simply: the Bidenites are the dog. And big tech is the fire hydrant.

We can’t help wonder whether big tech feels that they are getting their money’s worth.
2) Newsom Threatens To Close Schools Again

Right on cue after our warning yesterday. What is wrong with this guy?

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