ICYMI: “Antitrust Laws Will Make Inflation Worse”

Washington, D.C. (06/24/2022) – A detailed new report by Dr. Arthur B. Laffer and John Barrington Burke of the Committee to Unleash Prosperity breaks down why the American Innovation and Choice Online Act (S.2992) will ultimately raise the prices of the digital products Americans love and stifle innovation. 

…Sen. Klobuchar’s American Innovation and Choice Online Act, S. 2992—would harm consumers, increase inflationary pressures, and by installing European-style antitrust rules, threaten to weaken America’s leading technology firms and relegate them to the same status as their European counterparts. The biggest beneficiary will be U.S. international competitors, mostly notably China.…

…The digital economy is a powerful force for lowering prices throughout the economy… Bills such as S. 2992 will mitigate the digital economy’s strengths and in all probability raise prices for consumers…According to the Producer Price Index (PPI), digital advertising costs have plummeted, due in large part to Google’s innovation and business practices…

…S. 2992…would adversely reshape the current consumer experience online, stifling and disrupting consumer favorites such as Google Maps and Amazon Prime…Had that legislation existed in the 1990s, we’d still be buying separate alarm clocks and video cameras. We certainly wouldn’t have smartphones or access to all the software applications they provide… 

To read the full report, click here

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