We’re disappointed that many usually sound-thinking and free-market-oriented Republicans have embraced an antitrust bill sponsored by Democrat Amy Klobuchar that would vastly expand federal powers and the grip of the Biden regulatory state.
We don’t like big tech’s censorship of conservative voices, but Laffer’s new study proves conclusively that the tech companies like Google, Apple, Amazon, Facebook, and Microsoft are not engaged in monopolistic behavior.
Just the opposite. Monopolies raise prices. The digital-age tech companies have been for the last 20 years dramatically lowering prices by almost 35% on average. This chart from the Laffer study shows these pro-consumer price reductions compared to the 25% rise in the overall consumer price index.
The bottom line: there is more than $1 trillion in consumer gains from our world-leading tech firms and there is no case for antitrust actions.