CBS News' Margaret Brennan Got Wrecked By Scott Bessent and Marty Makary Over...
Watch Scott Jennings Obliterate a Reporter Over Her 'Both Sides' Nonsense on Political...
The Democrats Are the Party of Antisemitic Terrorism
Trump's New Nickname for Joe Biden Is Spectacular
If Democrats Had the Truth on Their Side They Wouldn’t Have to Lie...
They Tried to Silence a Chinese Dissident in America — It Backfired Badly
Hey You, Get Off My Crowd
Hey You, Get Off of My Crowd
Republicans Could Make History on Gun Rights
Trump Cracks Down on Arizona’s Illegal Immigrant Tuition Scheme
Fetterman Breaks with Democrats on Israel, Border, Trump Policies Amid Party Backlash
So, This Is Why ICE Agents Wear Masks
Massive ICE Crackdown: Over 1,400 Illegal Aliens Arrested in Month-Long Trump-Era Sweep
It Took This Long for Jon Ossoff -- a Top Target for NRSC...
FEC Slaps Maxine Waters with $68,000 Fine for Illegal Campaign Contributions, Financial Vi...
Tipsheet

Biden: 'Capitalism Without Competition Isn’t Capitalism, It’s Exploitation'

AP Photo/Patrick Semansky

President Joe Biden signed an executive order Friday that encourages economic competition throughout the United States.

He said in a Friday speech that the order includes cracking down on practices of big tech companies, calling on the end to non-compete agreements and lowering prices for consumers. 

Advertisement

"The heart of American capitalism is a simple idea: open and fair competition," Biden said ahead of signing the order. "Capitalism without competition isn't capitalism. It's exploitation. Without healthy competition big players can change and charge whatever they want, and treat you however they want — and for too many Americans that means accepting a bad deal for things you can't go without."

He said he was a “proud capitalist” but that he wants to “ensure our economy isn’t about people working for capitalism, it’s about capitalism working for people.”

Advertisement

Biden then attributed the increase in influence of U.S. corporations to former administrations, namely, that of former President Ronald Reagan, who took office in the early 1980s, saying that “forty years ago, we chose the wrong path, in my view,” 

“We are now 40 years into the experiment of letting giant corporations acquire more and more power,” he said. “I believe the experiment has failed.”

Biden's executive order consists of more than 70 initiatives by more than a dozen federal agencies. A White House Competition Council will be created to observe the progress of these agencies.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement