Biden limits the power of oligopolies in favor of prices and wages

Washington, Jul 9 (EFE News) .- President Joe Biden on Friday signed an executive order to promote greater competitiveness of the US economy by limiting the power of oligopolies in the labor market or their strong effects on prices. some products.

As Biden himself said before signing the executive order, the goal is to get “lower prices and higher wages” to take another important step towards an economy “that works for everyone.” .

Biden, who has repeatedly insisted that he is a “proud capitalist”, explained that this economic system must promote “open and fair” competition.

This means, according to the president, that “if a company wants to beat you in business, it must improve its strategy, offer better prices and services, new ideas and new products”.

“Competitiveness keeps the economy moving and that is why capitalism has been the greatest force for prosperity and growth in the world,” he said.

Biden recalled that oligopolies control sectors such as health, agriculture or technology and lamented that the companies that control them have spent decades “consuming their competitors, instead of competing for consumers and workers.” .

To improve this situation, among other measures, the decree will facilitate job changes among workers and increase wages by banning or limiting non-compete agreements, according to the White House.

Moreover, if fully implemented, the White House believes it will reduce, for example, drug prices or internet costs for Americans.

According to data from the Presidential Office, the rate of new business start-ups in the United States has fallen by nearly 50% since the 1970s, because “big companies make it difficult for Americans with good ideas to enter markets. “.

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