|Unleash Prosperity Hotline|
|1) Democrats And Biden Ramp Up All-Out War Against U.S. Technology Industry – Where Are the Republicans?|
America’s 40-year technological dominance over the rest of the world is under assault, not by China, Japan, or Europe – but by the socialist Democrats in Congress. This week the Democrats are expected to introduce five antitrust bills that would force Amazon, Apple, Facebook, and Google – with a combined market cap of more than $5 trillion – to limit their business activities, to be broken up into smaller companies, or prohibit them from acquiring other companies.
Leftist Rep. David Cicilline (D, RI), the Chairman of the House Antitrust Committee says: “Unregulated tech monopolies have too much power over our economy.” He complains Apple, Amazon, and Google can “destroy small businesses, raise prices on consumers and put folks out of work (sic).” Unfortunately, the Wall Street Journal reports each of these bills designed to hyper-regulate the tech industry, has “support from Republicans – with more expected to sign on.” Republican Ken Buck of Colorado, a member of the committee, supports the bills alleging it is time to restrain “big tech’s monopoly power.” As we’ve noted previously, no one is more dangerous on this issue than Josh Hawley of Missouri, who openly boasts that he wants to be America’s modern “trust buster.”
Every argument against the so-called sinister economic effect of successful tech companies is specious. Silicon Valley doesn’t reduce investment; it is the most dynamic fountain of investment in world history. Companies like Google don’t hurt small business startups, they foster entrepreneurial enterprises by helping capitalize and even buy up small ventures at high profits for the founders. Tech companies don’t raise prices to consumers. No sector in the history of mankind has lowered prices more than big tech. Putting people out of work? The tech sector employs millions of Americans at salaries that were once unheard of.
As for the biggest winners of American tech prowess, they are the tens of millions of Americans who own stock in Apple, Google, Facebook, Amazon, Microsoft, Tesla, and other companies that have turned ordinary, everyday Americans into millionaires.
Ultimately, these bills allow politicians, lawyers, judges, federal regulators, and the deep state in Washington to dictate the practices and policies of the most successful American companies in history. We can understand why Democrats would love this idea (not to mention the Chinese, Russians, and Europeans), but what in the world has gotten into the so-called free-market Republicans?
We’re as infuriated as anyone about the anti-conservative bias of big tech companies. But how in the world is handing massive regulatory authority to leftist government bureaucrats going to solve that problem?
We urge all of our Hotline subscribers to read our CTUP White Paper on the dangers to our free market system presented by the modern trustbusters in both parties.
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