DBWW Fact Check: State of the Union

The Real Impact of President Biden’s Attacks on Leading American Companies

Myth: The laws and regulations discussed by President Biden would encourage competition.

Fact: The digital economy is a competitive space for companies of all sizes, and the President and Congress should focus their efforts on industries dominated by true monopolies.

There is currently robust competition in the digital economy, with major American companies facing challenges in their industries from both large and small competitors. This competition has caused the digital economy, which represents 10.3% of the U.S. GDP, to flourish. 

Myth: President Biden’s calls to regulate America’s most innovative companies reflect a top issue consumers are asking to reform.

Fact: Americans want Washington to focus on the issues affecting their everyday lives.

Objective polls have consistently shown that Americans overwhelmingly oppose regulations that would break products and services they love and do not rank regulating leading U.S. companies as a priority. Instead of trying to break popular, convenient products that help people cut costs, Americans have made it clear that they want the president and Congress to focus on issues that matter in their everyday lives, like strengthening the economy and reducing healthcare costs.

Myth: Laws and regulations targeting successful U.S. companies would be good for American consumers.

Fact: Top U.S. businesses provide consumers with many free and inexpensive products that Americans love.

Attempts by the president and Congress to exert their will on some of America’s most successful companies would in fact break products like free Google services and Amazon’s two-day shipping, both of which are extremely popular with consumers. The actions discussed by President Biden in his State of the Union address could break those products, severely degrading safety, privacy, and convenience that American consumers want and enjoy.

Myth: Adding more regulations on leading American companies would increase U.S. innovation.

Fact: Major U.S. companies boost American innovation, provide consumers with new, popular products, and help our country compete on the world stage.

U.S. companies consistently deliver new, innovative products and services to American consumers, participate in mutually-beneficial partnerships with smaller businesses, and lead the charge in developing cutting-edge technologies that help our country compete on the world stage, a fact that’s especially important as we face unprecedented national security and economic threats from our foreign adversaries. Major American companies and the digital economy that they participate in and support have been a key pillar for the country’s growth and strength over the years, and the legislative and regulatory actions discussed by President Biden could stifle American innovation. 

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