US President Joe Biden wants to give more room to competition in the US economy. To make this possible, the supervision of the competition authorities must be strengthened. Biden will sign a decree this Friday with more than 70 initiatives.
According to the White House, American consumers and workers have long been duped by corporate power and Washington’s policies in approving corporate takeovers.
For example, there will now be closer scrutiny of technology and internet takeovers where companies buy up smaller rivals to eliminate competition. This also applies to the banking sector, pharmaceutical and healthcare industry, aviation, and agriculture.
According to the White House, American households pay more for medicines because of the lack of competition. Unfortunately, the lack also translates into lower wages for workers and the inhibition of innovation and economic growth.
According to the government, higher prices and lower wages due to lack of competition currently cost an average American household $5,000 a year.