Big Tech Earnings Reflect Their Monopoly Power
Washington, D.C. — The American Economic Liberties Project released the following statement in response to reported earnings from Alphabet, Amazon, Apple and Facebook.
“Today’s positive earnings reports from Alphabet, Amazon, Apple, and Facebook are not shocking. They merely reflect the insidious and unchecked power Amazon, Apple, Facebook and Google have over American society and business,” said Sarah Miller, Executive Director of the American Economic Liberties Project and Co-Chair of Freedom from Facebook and Google.“Fortunately, there is now more momentum to break the power of corporate monopolies than there’s been in 40 years.”
“Take a look at the past month. The House Antitrust Subcommittee released a scathing report on Amazon, Apple, Facebook and Google’s monopoly abuse, recommending serious and important policies such as structural and line-of-business separations to break their power. The Department of Justice filed a historic case against Google. State attorneys general across the country are preparing to file suit against both Google and Facebook. The FTC is investigating Facebook too,” added Miller. “While we’ll have to wait and see how antitrust enforcement impacts Big Tech stocks, we already know it will bring long-delayed relief for small businesses, workers, and local communities.”
Economic Liberties works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. AELP believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.