US President Joe Biden is redefining American capitalism with sweeping new legislation. Opinion piece by Bruce Wolpe

The big news last week was the near-completion of the US withdrawal from Afghanistan. The response to Russia-based cyber attacks on American infrastructure and businesses also made headlines.

President Biden met with civil rights leaders to discuss advancing the prospects of legislation to protect the most fundamental right in a democracy: the right to vote.

But in an 18-minute event in the White House on Friday, with leaders from his Cabinet and top regulatory agencies present, President Biden laid out what are perhaps the most sweeping initiatives in a century.

The changes aimed redefine the rules of the road for America’s economy by promoting competition across American business, enterprise and services.

Lower prices, and increased wages

Biden signed an Executive order outlining 72 initiatives that would, in his words, “Lower prices, to increase wages, and to take another critical step toward an economy that works for everybody.”

Biden gave marching orders to all the affected agencies of government to examine the state of commerce and consumer protection in their jurisdiction. The orders will also promote competition and benefits for working people and consumers.

Biden invoked both Roosevelt Presidents, who both established the framework of the antitrust laws in the United State and reformed American capitalism to save the country during the Great Depression.

“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 you can’t go without,” said the president.

“Let me be very clear: Capitalism without competition isn’t capitalism; it’s exploitation.”

Us president joe biden

The Biden initiative addresses health care such as prescription drug prices and internet access 

It will also address pricing, interstate labor mobility, transport prices and fees, bank mergers and more opportunities for small farmers.

On Big Tech, Biden gave explicit direction to the Federal Trade Commission to address competition issues in the sector.

This program breaks with past practice. Under President Obama, far-reaching economic sand policy reform was central. Especially the passage of Obamacare, Wall Street reform, and trying to enact sweeping energy and climate legislation. 

This is broader and deeper: a mandate to all the arms of the government to act now – early in this presidency – to implement policy reforms that will drive more competitiveness. 

“Fair competition is was what made America the wealthiest, most innovative nation in history.  That’s why people come here to invent things and start new businesses.”

President joe Biden

“In the competition against China and other nations of the 21st century, let’s show that American democracy and the American people can truly out-compete anyone. Because I know that just given half a chance, the American people will never, ever, ever let their country down. Imagine if we give everyone a full and fair chance. That’s what this is all about.”

Biden’s presidency is already marked by success on the pandemic and economic recovery. His programs for infrastructure, education, health care, child support are all in the balance in Congress right now. 

But these reforms to American capitalism will also define Biden’s legacy as president.

Read more by Bruce Wolpe on Ticker NEWS here.