Biden slams 'capitalism without competition' as 'exploitation' and says he wants to put an end to it
Source: Business Insider
Biden slams 'capitalism without competition' as 'exploitation' and says he wants to put an end to it by cracking down on big corporations
Ayelet Sheffey 21 hours ago
President Joe Biden said Friday that the country's economic recovery was well underway — but that bad practices from big corporations were impeding progress.
The December jobs report badly missed expectations, with just 199,000 added payrolls. The median forecast from economists polled by Bloomberg was 450,000. Despite the disappointing data, Biden during Friday remarks pointed to the economic growth since he took office, saying that wages were up, unemployment was down, and the "Great Resignation" was helping workers look for conditions that are best for them.
But the economy is far from perfect. Biden said "a handful of giant companies" were squeezing out competition and raising prices on consumers, while keeping wages for their workers "unfairly low." He added that this made Americans pay more for food because larger companies pushed smaller businesses out of the game.
"You've heard me say before: Capitalism without competition isn't capitalism. It's exploitation," Biden said. "And I'm determined to end the exploitation."
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Read more: https://www.businessinsider.com/biden-slams-capitalism-without-competition-as-exploitation-consumers-workers-corporations-2022-1
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