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Biden slams 'capitalism without competition' as 'exploitation,' and he wants to put an end to it by cracking down on big corporations

Biden slams 'capitalism without competition' as 'exploitation,' and he wants to put an end to it by cracking down on big corporations
President Joe Biden.Alex Wong/Getty Images



Biden called out big corporations for squeezing out competition and undermining capitalism on Friday.




He said there are too many big companies in control, causing high prices and low wages for workers.




Biden has focused on corporate concentration before, signing a July executive order to promote competition.


President Joe Biden made clear the country's economic recovery is well underway a?? but bad practices from big corporations are impeding that progress.The December jobs report badly missed expectations, adding just 199,000 payrolls. Despite the disappointing data, Biden during Friday remarks pointed to economic growth since he's taken office, noting that wages are up, unemployment is down, and the Great Resignation is helping workers look for conditions that are best for them.However, the economy is far from perfect. Biden called out "a handful of giant companies" squeezing out competition and raising prices on consumers while keeping wages for their workers "unfairly low," making Americans pay more for food while cutting smaller businesses out of the game."You've heard me say before capitalism without competition isn't capitalism, its exploitation," Biden said. "And I'm determined to end the exploitation."
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