October 25, 2021

ParkMapper

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Joe Biden’s economic prowess

Editorial. Joe Biden continues to deny those who saw his election the announcement of a third captured Obama term. Student surpasses master: The latest White House attempt to restore competition in an American bourgeoisie, misguided by the concentration of giant corporations, confirms a courage that the democratic Obama-Biden tandem has not shown in eight years.

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On Friday, July 9, he explained to the president while signing an order to clean up an economic system whose evolution, for two decades, has fined consumers. ‚ÄúCapitalism without competition is no longer capitalism, it is exploitation, he said. Great players pay what they want, change what they want and treat it the way they want it. “ The Biden Order, which covers 72 specific activities, instructs federal regulatory authorities to promote competition in their field; It is about the practices of airlines and opticians and hearing aids, telecommunications and diaper manufacturers. The test is obviously in the execution of the order.

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We anticipate an attack on the omnipotence of technology companies: Mr. Biden goes on to attack more and more attacks of concentration throughout the economy. The appointment of Lina Khan, a 32-year-old lawyer who worked for the FDC head of the Federal Competition Commission, for distrust, was already a sign. The 78-year-old Democrat leader has surrounded himself with a young team capable of attacking the regulation of the economy, which he wants to be more fair to consumers. Part of this approach is its initiative on the taxation of multinational corporations. At the political level, Joe Biden kills two birds with one stone: he makes promises on the left of his party, and he reverses Donald Trump’s populism by posing as a defender of workers.

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Political influence

The fall of competition in the US economy has been the subject of intense debate in educational circles. Biden’s order is consistent with the observation of Thomas Philippine, a French economist at New York University, in his book Great reverse (“Le Grand Reversal”, 2019, untranslated), explains how the United States gave up hope of free competition. Until the late 1990s, competition, sometimes fierce, was in the interest of the consumer, who increased rewards at lower prices or at the service level.

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But, over time, the most powerful groups have achieved profit and a dominant position, creating themselves as lobbies, undermining political power and blocking the way for new entry into the market. The law of hopelessness has removed its meaning. Consumer purchasing power plummeted as air and telephone tariffs exploded.

The EU has taken the opposite path: Competitive officials set up at the commission level have in recent years consolidated their power against member states in order to protect the economy. Open and competitive to protect consumers. The Biden administration has, finally, become increasingly Europeanized. One more attempt: maybe one day it will open the US market to European competition?

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