Earlier this month, President Biden signed an Executive Order to “promote competition in the American economy.” This seeks to decrease costs for families while increasing salaries, promote innovation and ultimately result in faster economic growth.
The idea behind this order is a “decisive action” on the part of Biden to somehow decrease the trend that has been escalating in the creation of corporate consolidation and increase realistic competition, putting consumers, farmers, workers and small businesses in the driving seat. The Executive Order features 72 initiatives undertaken by over a dozen federal agencies who will be expected to counter some of the most worrisome competition issues nationwide. Ultimately – once they are fully in place – people’s quality of lives will be enhanced.
Too many people were hit financially hard by the pandemic. With this Executive Order strategic action is meant to provide hope for people seeking to start a business, grow a business or even get a better job. The Order has many features. Some of these are:
- The banning/limiting of non-compete agreements and bureaucratic occupational licensing requirements which hinder economic flexibility. This should help people change jobs more easily.
- Sell hearing aids over the counter, saving thousands of dollars for hearing-impaired.
- Enforce clear disclosure of add-on fees from airlines, making it easier for consumers to get refunds.
- Help federal agencies promote greater competition via their spending decisions and thus increase opportunities for small businesses.
- Augment the Department of Agriculture’s tools, empowering farmers, increasing their wages and ending the abusive practices of some meat processors.
As Biden said in his recent White House Briefing,
“The heart of American capitalism is a simple idea: open and fair competition — that means that if your companies want to win your business, they have to go out and they have to up their game; better prices and services; new ideas and products. That competition keeps the economy moving and keeps it growing. Fair competition is why capitalism has been the world’s greatest force for prosperity and growth.”
Let’s hope the Executive Order works the way it has been intended.