The economy is on fire, and the only people who don’t seem to know that are in the Biden administration—perhaps because their gaslighting on basic economic principles lit the match.
Every day we’re fed some new bogus story on our prospects. The press secretary insists “we are stronger economically than we have been in history.”
Biden Press Secretary Karine Jean-Pierre insists "we are stronger economically than we have been in history."
Inflation is close to 40-year highs, the economy shrank last quarter, and 64% say their financial situation is "getting worse."pic.twitter.com/xq7q3rpLwU
— Tommy Pigott (@TommyPigott) July 7, 2022
Meanwhile, Biden continues to push the bogus claim that his “stimulus” legislation sparked “the fastest economic growth in decades,” despite the fact that even left-wing media outlet Vox admits it worsened inflation.
The American Rescue Plan re-opened 99% of schools, helped create over 8 million jobs, and sparked the fastest economic growth in decades.
And today, with the Special Financial Assistance program, it will protect the pension benefits of millions of union workers and retirees.
— President Biden (@POTUS) July 7, 2022
To make matters worse, other prominent Democrats in DC are doubling down on their push to use antitrust policies to “break up” Big Tech companies. Their reasoning? They claim that using the federal government to actively sabotage major American corporations will somehow lower costs.
One way to start lowering costs for the American people and be on the side of small business? Reforming our antitrust laws.
— Amy Klobuchar (@amyklobuchar) July 1, 2022
These kinds of statements are reminiscent of George Orwell’s 1984 quote about Big Brother in his dystopian future. He wrote, “The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”
Fortunately, Americans are doing no such thing.
A new poll conducted by Netchoice (a tech trade association at which I am a Fellow), shows Americans are high-key aware of what’s really responsible for our current problems. As a result, they’re unequivocally rejecting the bogus notion that giving the government more power over the market via antitrust laws would somehow benefit consumers or lower prices.
The poll found that just 1% of those surveyed believe antitrust should be a top priority at all right now. While that might seem like common sense in a country fighting a proxy war with a nuclear superpower, grappling with surging gas prices and inflation, and on the brink of a major recession, it does indeed bear repeating.
New national + multi-state poll with @NetChoice (N=9,227) which finds:
– Just 1% think tech antitrust regulation a top priority
– 61% trust the market to ensure competition
– 74% say Congress should learn more about tech before regulating
R+1 on generichttps://t.co/FQAhqqmL20
— Patrick Ruffini (@PatrickRuffini) July 11, 2022
The poll also reveals that the American people are significantly more economically literate than politicians. More than 60% said they trust the free market to ensure competition.
This is spot-on. Monopolies rarely actually exist, and when they do they are typically a monster created by the government—yes, the very government claiming to “protect competition”—through corporate welfare, selective tax breaks, and regulations that shield industry insiders.
Even then, the most dominant companies in the market rarely keep their market share for long. We’re watching this truth play out in real-time, even in the Big Tech sector, where we’re now watching the once-all-powerful Facebook struggle to keep up with emerging platforms like TikTok. Facebook is practically begging kids to play with them again and increasingly looks like the washed-up jock from high school that hung around his hometown for too long.
Antitrust is a solution in search of a problem—but it’s also not actually a “solution” at all.
Research by the esteemed economist Art Laffer has already shown that antitrust would make inflation worse. He’s not the only one: Surveys show a vast majority of prominent economists also reject antitrust as an inflation “solution.”
Antitrust is really meant to give the government more power over our economy. After watching their work during the past two years, it’s easy to understand why Americans don’t think that’s a good idea.
The only monopoly that needs to be broken up here is the government.
Disclaimer: Hannah is a fellow for Netchoice, which opposes the current push for antitrust legislation.