WASHINGTON, D.C. — Ahead of today’s House Subcommittee on Antitrust hearing on “online platforms and market power,” FreedomWorks and the Committee to Unleash Prosperity sent a joint brief to Congress on how essential U.S. dominance in the digital economy is to American prosperity, and why using antitrust to break up tech giants would be a terrible mistake.
Steve Moore, Chairman of FreedomWorks’ Task Force on Economic Revival and co-founder of the Committee to Unleash Prosperity, commented:
“What a shame it would be if the political class in Washington were to break up America’s tech companies – from Amazon to Apple to Facebook to Google – at a time when the United States has become globally dominant in the digital economy. These firms add trillions of dollars to Americans’ wealth (their near $4 trillion of stock value is held by American shareholders and pension funds), they create millions of jobs directly and indirectly, and provide American families and businesses with trillions of dollars of consumer welfare. It is far from broke. Congress and federal regulators shouldn’t try to fix it.
“The only winners from a high tech antitrust witch hunt against successful American companies will be the Chinese who hope to displace America by 2025 as the technology superpower.”