opinion
There’s a global battle taking place every day. It’s a battle of ideas, innovation, investment, productivity and competition for the heart and soul of global consumers of technology.
It’s no secret China is eager to replace the United States as the global leader of technology. Four of the top ten emerging tech companies are Chinese.
Meanwhile, American politicians are so determined to score political points they appear willing to help the communists in China move closer to their goal. The American technology and e-commerce sector drives U.S. growth and invested nearly $20 billion more in the U.S. than any other sector in 2018. Yet, the Justice Department, members of Congress and some state attorneys general are eager to attack companies like Google, Amazon, Facebook and Apple.
These are the same politicians who rail against China.
This, of course, makes no sense. There are a few reasons U.S. politicians need to rethink their strategy.
- U.S. tech firms demonstrated they are indispensable during the pandemic.
- The U.S. tech industry’s global market position is at risk and has huge ramifications for re-starting the American economy and our long-term prospects.
- As a result of our tech companies, are consumers better off today than they were before? Prices are lower, services are better, innovation and investment are up. By every measurement consumer welfare has improved because of our tech companies.
First, the pandemic has accelerated acceptance of all sorts of technology, enabling telemedicine, distance learning, working remotely, connecting with family and friends or simply for our enjoyment and entertainment. Companies such as Google provide small business owners with access to a wide array of online tools that allow them to connect with their employees, customers and suppliers around the world. This is keeping small businesses alive. However, none of this works without innovators developing products and access to reliable, affordable broadband.
Not only have these companies helped keep us connected during our social distancing, but they are providing key services to COVID-19 research and donated many millions in free services and financial contributions to help America during these trying times.
Second, U.S. tech firms drive job creation in the United States more than any other sector and invested nearly $73 billion in the U.S. in 2018. U.S. politicians need to understand this is a global market and their political efforts can take away the American edge and give that to our Chinese competitors helping them deploy their devices, networks and applications worldwide all at the expense of American workers for many years to come.
Finally, and most importantly, U.S. politicians who make antitrust claims against our most successful American tech firms need to ask if consumer welfare is getting better. How can you have an antitrust claim when there is an avalanche of new products and lower prices improving people’s daily lives?
It appears this could be a case of cronyism versus capitalism. There are declining business models trying to win in Washington and state capitals what they are losing in the marketplace. These companies are bleeding subscribers and customers and have turned to politicians to do their bidding and work against the interests of consumers and the country’s economic well-being.
The U.S. economy is critical to our future. Please, let these politicians know they are about to shoot our own economy in the foot or worse.
Pickering currently serves as CEO of INCOMPAS
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July 30, 2020 at 10:02PM
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