by Karen Kerrigan –
During the past year and a half, SBE Council has spoken regularly about the vital role technology and tech platforms have played in helping small businesses stay afloat and modify their operations and practices to keep sales flowing during the pandemic era. We’ve also provided analysis and reviewed various legislative and regulatory proposals that would regulate and break up “Big Tech” companies, and noted the downstream impact on entrepreneurs and small businesses.
In SBE Council’s latest work dissecting President Biden’s Executive Order on “Competition” and how it takes aims at the technology sector, chief economist Ray Keating reviews the big downside of hyper-regulation for the tech startup ecosystem, small business consumers, U.S. competitiveness, and the economy at large. In the analysis – “Biden’s Competition Executive Order and Big Tech: Hits Small Business, Entrepreneurship and Misses on Economic Common Sense,” Keating writes:
“Many Democrats, including President Joe Biden, and some Republicans have come to blame large technology businesses for an array of manufactured ills. Does any of this have anything to do with sound economics and how markets actually work? No. This is politics, and politics in service of expanding the invasiveness, reach and control of government.”
Keating asserts that the EO is based on a false premise – that is, there is a lack of competition. Entrepreneurship is currently booming. In addition, it is claimed that consumers are somehow harmed by Big Tech, which has not been the case. In fact, as noted by the American Edge Project in a recent survey of voters, there is no groundswell of support for the issue. That is, breaking up Big Tech is simply not a priority.
SBE Council discussed these issues and many more on a new Growth Without Barriers Digital Edition podcast with American Edge Project advisor Asheesh Agarwal. Listen in!
Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.