Biden’s Competition Order Seen Fueling Long-Run Gains for Economy
- Economists see potential lift to productivity and wages
- Chamber of Commerce says economy needs big firms too
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President Joe Biden’s new plan to promote competition across industries and in the labor market can deliver long-run gains for the U.S. economy by boosting productivity and wages, economists say.
The president announced an executive order on Friday that directs federal agencies to ban or limit non-compete agreements -- which make it harder for workers to switch jobs in search of higher pay -- along with a raft of proposals aimed at barring unfair competition between large and small businesses.