US leaders at the federal level have in the past touted the benefits of a free, open economy, with robust, fair competition supposedly working for the good of both the consumer and the businesses. Current President Joe Biden is no exception.
“The American promise of a broad and sustained prosperity depends on an open and competitive economy. For workers, a competitive marketplace creates more high-quality jobs and the economic freedom to switch jobs or negotiate a higher wage,” Biden said in the recently issued Executive Order on Promoting Competition in the American Economy.
“For small businesses and farmers, it creates more choices among suppliers and major buyers, leading to more take-home income, which they can reinvest in their enterprises. For entrepreneurs, it provides space to experiment, innovate, and pursue the new ideas that have for centuries powered the American economy and improved our quality of life,” he continued. “And for consumers, it means more choices, better service, and lower prices.”
However, according to the executive order, consolidation in several industries has weakened this healthy competition, putting the entire economy and American way of life at risk.
“Consolidation has increased the power of corporate employers, making it harder for workers to bargain for higher wages and better work conditions,” he wrote in the order. “Powerful companies require workers to sign non-compete agreements that restrict their ability to change jobs. And, while many occupational licenses are critical to increasing wages for workers and especially workers of color, some overly restrictive occupational licensing requirements can impede workers’ ability to find jobs and to move between States.”
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July 13, 2021 at 10:18PM
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Biden executive order could impact pharmaceutical industry - OutSourcing-Pharma.com
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