Sparking Competition & Innovation Through a Weighty EO

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Following  the Independence Day holiday, President Biden signed off on an Executive Order to “spark” competition in the American Economy, which will lower prices for families, increase wages for workers, promote innovation and even faster economic growth. The EO’s 72 initiatives focus on helping people –consumers and small businesses. According to numerology, the number 72  reflects a focus on human welfare. 

Executive Order Highlights:  

  • Labor – Reduce obstacles for changing jobs and earning higher wages 
  • Healthcare – Rein in prescription drug and hearing aid costs; prevent hospital mergers harmful to patients; as well as increase and standardize Marketplace health insurance options 
  • Internet, Airline Travel, and Banking – Reduce switching costs, improve price transparency, more choices, and better service incentives. 
  • Small Business and Family Farmers – Reduce exploitation and underpayment by bigger players; increase access to various markets.
  • Tech Sector – Greater scrutiny of dominant internet platform mergers, especially acquisition of nascent competitors, serial mergers, the accumulation of data, competition by “free” products, and the effect on user privacy.
  • Right to Repair – easier and cheaper to repair items you own, saving money, decreasing equipment (farm tractor) downtime, and reducing consumer electronic waste.  

In total, higher prices and lower wages caused by lack of competition are now estimated to cost the median American household $5,000 per year .