Part of President Biden‘s economic plan to help the US recover from the after-effects of the pandemic includes plans to encourage healthy economic competition among companies. The Democratic president asserted that capitalism has to be accompanied by competition for it to have any meaning.
The executive order encouraging economic competition amongst companies is aimed at increasing wages and lowering prices. The president defined it as part of the process to take the nation toward an economic playing field that is fair to everybody.
He said that economic competition was at the core of American competition, and it was based on the simple concept of fair and open rivalry. He said that in simple terms it meant that companies would have to upgrade their game if they were to win.
The President said that economic competition would lead to better services and prices, and new products and ideas. He was speaking at the executive signing ceremony on Friday at the State Dining Hall in the White House.
Economic Competition Leads To Healthy Competition Beneficial For All: Biden
President Biden stressed that capitalism in the absence of competition leads to exploitation. The lack of healthy competition will lead to monopolies where the big companies will charge high prices and treat people unfairly.
And for many workers, that would mean being forced to accept an unfair deal. President Biden said that the order to encourage economic completion had 72 specific points for action.
He expected that economic competition will lead to higher wages, lower prices, more money and options for customers, and finally, it will translate to additional convenience for Americans.
Biden said that capitalism was based on fair competition and that was why it was the supreme force for both growth and prosperity. He said that by that token, companies should do the most for their workers for better productivity through better wages, flexible hours, and more benefits.