As he prepares to address the nation in his State of the Union speech, President Joe Biden is expected to tout his administration’s accomplishments, from overseeing a growing economy to monetary policies to investing in our nation’s domestic semiconductor manufacturing.
Fortunately, our economic, political, and legal landscape has allowed creative, driven entrepreneurs to build the world’s most successful and innovative companies. These companies drive economic growth, foster competition, and help provide consumers with more choices than ever before. They have also become important partners in bolstering our national defenses, strengthening our cybersecurity capabilities, and protecting Americans’ privacy and security.
In Thursday’s speech, the president has an opportunity to provide a clear vision for a policy approach that helps foster the competition and regulatory regime which has enabled American companies to spur innovation, drive economic growth, lower the cost of goods, and sustain our national security defenses.
Departing from the approach that some of his officials have taken to date would be a good start. The president’s top antitrust enforcers have pushed the Biden administration to test novel legal theories, and their agencies have aggressively pursued high-profile lawsuits that target the products and services Americans love. These theories undercut well-accepted precedent, including the consumer welfare standard, designed to encourage competition and protect Americans from high prices.
President Biden also has an opportunity on Thursday to provide clarity on his approach to protecting American interests abroad. American companies have invested billions of dollars into tech research and development and have been responsible for critical breakthroughs in areas like AI. These innovations have made it possible for our country to maintain its competitive edge on the world stage. International competitors looking for ways to gain an edge have been helped, in part, by discriminatory regulations from foreign regulatory bodies. President Biden must demonstrate that his administration is serious about protecting the interest of American businesses on the global stage.
The Biden Administration should support pro-consumer, pro-competition policies that will maintain the United States’ role as a global leader and innovator. Thursday’s speech provides an opportunity to hear more about President Biden’s plans to do that.