The economy is booming under President Biden’s leadership. The economy has gained more than three million jobs since the President took office—the most jobs created in the first five months of any presidency in modern history. Today, the President is building on this economic momentum by signing an Executive Order to promote competition in the American economy, which will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth.
More than 100 years ago Congress got tired of the monopolist games in various industries and passed a series of laws, with the first being The Sherman Act. When firms danced around the edges (gee, you think that sort of thing is new?) it was rapidly followed by Clayton and Robinson-Patman. You can find them in 15 USC Chapter 1 and, I remind you once again (for the 100th time, more or less, over the last 13 or so years of this column) Sherman and Clayton are not civil penalties either: They contain federal felony, 10-years in the slam-slam penalties for each person involved. There is no corporate shield behind which one can hide in that regard.
Biden hasn't given a wet crap about any of this during his time in federal office -- not as a Senator, not as VP and now, with this order, not as President either. Nor did Trump. Nor did Obama. Nor has anyone else for a very long time.
Since this is long-standing law it does not require Congress to do a single thing nor can Congress stop its enforcement without passing a new law of some sort. It simply requires an Administration with a pair of nuts between its legs that is willing to start jailing people.
Let's go through a few of the items in this list.
- Non-competes. These are roundly abused by larger corporate entities. Putting a stop to it, if it happens, is a good thing. Don't think for a second that this is limited to highly-skilled jobs; an infamous case involved Jimmy John's sub shop demanding all employees sign one. NY came after them for it but note that Obama's "Just-Us" department and Eric PlaceHolder did not. So much for giving a crap about the "little guy" eh?
- "Calls on the leading antitrust agencies, the Department of Justice (DOJ) and Federal Trade Commission (FTC), to enforce the antitrust laws vigorously...." Oh really? You mean like nearly every single medical practitioner in the United States which illegally colludes with insurance companies to fix prices? Let me know when you start leading hospital and corporate medical officers out of their offices in handcuffs and straight into prison. May I remind you that there are not just one but two Supreme Court decisions (Royal Drug and Maricopa County), both now more than 30 years old, confirming that anti-trust law does indeed apply to these firms and that the oft-cited claim of immunity by way of McCarran-Ferguson was explicitly turned away by the Supreme Court in both cases?
- "Americans pay more than 2.5 times as much for the same prescription drugs as peer countries, and sometimes much more." 15 USC Chapter 1 explicitly covers international trade: "Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal." So stop with the bull**** you rat bastard piece of crap and simply frog-march every pharma firm executive straight into the dock; their pricing schemes which force Americans to pay for the development of drugs that every other nation then uses without paying said cost is a 10-year Hi, Bubba is now your roommate federal felony. I'm tired of the damned lies Joe: Handcuffs and indictments now *******. No more bull****.
There is much more but until Biden and The Ho stop lying through arm-waving and start frog-marching I'm not impressed and until you make them cut the crap they won't.
Want actual solutions? They're right here.
Note the date on that article.