Washington D.C., February 4, 2022 — Today, the American Consumer Institute (ACI) released the first report in a series that explores the policy implications of lawmakers embracing techlash and reforming America’s antitrust laws in a way that alters how big tech firms operate. The report, coauthored by Krisztina Pusok and Edward Longe, outlines the substantial economic contributions of companies across different tech sectors to the U.S. economy, as well as tech’s role in mitigating the pandemic’s economic effects, and allowing people to continue working, learning, and socializing.
The report’s findings show:
- A combined direct and indirect economic benefit of over $7 trillion across U.S. tech sectors like hardware and software manufacturing, broadband, e-tail services, and social media;
- Current antitrust legislation arbitrarily targets five U.S. tech companies that have a global impact of 12 million in direct and indirect jobs; and
- In terms of direct and indirect benefits, the five targeted tech companies contribute so much to the size of the global economy that it would represent the equivalent of 16% of U.S. Gross Domestic Product.
Future reports will focus on examining how consumers will be impacted by specific antitrust reform proposals that seek to ban self-preferencing, limit mergers and acquisitions, and break up companies. Specifically, future analyses will explore whether the proposed legislative actions benefit or harm consumers? How much would the consumers benefit or lose, and what are the other non-monetary implications?
You can read ACI’s report online.
For more information about the Institute, visit www.TheAmericanConsumer.Org or follow us on Twitter @ConsumerPal.