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It’s been a pretty rough year for the tech sector. But you wouldn’t know that by listening to the likes of Senators Amy Klobuchar or Josh Hawley.
Anti-capitalist, populist politicians from both major parties have set their targets on this industry via antitrust bills meant to “break up” major tech companies and devastate their market position . Yet, ironically, the market may beat them to it. Facebook’s value alone has plummeted by hundreds of billions of dollars in 2022 and its CEO recently said layoffs were looming. And last week, the six largest tech companies in the US lost over $500 billion when tech stocks tumbled following a very high August inflation report. NEW: Meta CEO Mark Zuckerberg just told employees the company is implementing a hiring freeze, and warned there will likely be more restructuring and downsizing to follow That should be enough to make these politicians rethink their antitrust push. Devastating one of the country’s most popular and profitable industries during a time of sky-high inflation and economic uncertainty would be short-sighted, to say the least.
A new report from the Committee to Unleash Economic Prosperity backs this up. The report is authored by revered economist Art Laffer along with Stephen Moore, and it finds that Amy Klobuchar’s bill, The American Innovation and Choice Online Act, would cost consumers tens of billions of dollars in higher prices while also lowering productivity.
The study notes, “It should be well accepted that if a company is not acting in a way that is harming consumers, then its dominant position should not be regulated or penalized by the government.”
It also says, “As a result of this law, fewer American companies will be started and fewer will reach a stage of […]
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