Fact-Check on Biden’s ‘Competition’ E/O

by Karl Denninger

The usual wave arms and do nothing game is back on in DC.

The economy is booming under President Biden’s leadership. The economy has gained more than three million jobs since the President took office—the most jobs created in the first five months of any presidency in modern history. Today, the President is building on this economic momentum by signing an Executive Order to promote competition in the American economy, which will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth.

Uh huh.

More than 100 years ago Congress got tired of the monopolist games in various industries and passed a series of laws, with the first being The Sherman Act. When firms danced around the edges (gee, you think that sort of thing is new?) it was rapidly followed by Clayton and Robinson-Patman. You can find them in 15 USC Chapter 1 and, I remind you once again (for the 100th time, more or less, over the last 13 or so years of this column) Sherman and Clayton are not civil penalties either: They contain federal felony, 10-years in the slam-slam penalties for each person involved. There is no corporate shield behind which one can hide in that regard.

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