Joe Biden, U.S. President: “And now that the economy is back on track, we’re making progress on the second phase of our strategy, ensuring long term growth. That’s what my Build Back Better agenda, including my American Family Plan and the bipartisan infrastructure agreement we reached last month. That’s what they’re all about, long term. But to keep our country moving, we have to take another step as well. And I know you’re all tired of hearing me during the campaign and since I’m elected president, talk about it. And that’s bringing fair competition back to the economy. That’s why today I’m going to be signing shortly the executive order promoting competition. To lower prices, to increase wages and to take another critical step toward an economy that works for everybody. My executive order includes 72 specific actions, I expect the federal agencies, and they know this, to help restore competition. So that we have lower prices, higher wages, more money, more options, more convenience for the American people. All told, between rising prices and lowering wages, lack of competition costs the median American household $5,000 dollars a year. Look, I’m a proud capitalist, I spent most of my career representing the corporate state of Delaware. I know America can’t succeed unless American business succeeds. Let me be very clear: Capitalism without competition isn’t capitalism. It’s exploitation. Without healthy competition, big players can change and charge whatever they want. And treat you however they want. And for too many Americans, that means accepting a bad deal for things that can’t go, you can’t go without. Competition is what made America the wealthiest, most innovative nation in history. That’s why people come here to invent things and start new businesses. In the competition against China and other nations of the 21st century, let’s show that American democracy and the American people can truly outcompete anyone, because I know that just given half a chance, American people would never, ever, ever let their country down.”
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