There are fewer opportunities for existing small and independent businesses to access markets and earn a fair return. The rate of new business formation has fallen by almost 50% since the 1970s as large businesses make it harder for Americans with good ideas to break into markets. Inadequate competition holds back economic growth and innovation. In total, higher prices and lower wages caused by lack of competition are now estimated to cost the median American household $5,000 per year. Tens of millions of Americans-including those working in construction and retail-are required to sign non-compete agreements as a condition of getting a job, which makes it harder for them to switch to better-paying options. In fact, research shows that industry consolidation is decreasing advertised wages by as much as 17%. When there are only a few employers in town, workers have less opportunity to bargain for a higher wage and to demand dignity and respect in the workplace.

Families are paying higher prices for necessities-things like prescription drugs, hearing aids, and internet service.īarriers to competition are also driving down wages for workers. As fewer large players have controlled more of the market, mark-ups (charges over cost) have tripled. That lack of competition drives up prices for consumers. This is true across healthcare, financial services, agriculture and more. industries, a smaller number of large companies now control more of the business than they did twenty years ago. 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.įor decades, corporate consolidation has been accelerating. 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. The economy is booming under President Biden’s leadership.

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