High inflation, the big economic story of 2022 and 2023, might be an afterthought by this time next year.
Since 2021, we've tracked price changes in 28 categories that represent most of the things people spend money on. There have been some zany moments: used car inflation hit 45% in June 2021 as a shortage of microchips made new cars scarce and buyers flocked to used models. And some painful moments: grocery prices were rising by nearly 14% in the summer of 2022 as a variety of factors pushed production and transportation costs up, up, and away.
Now, 2023 might be the year the US economy won an improbable victory against inflation without the sting of inflation, writes columnist Rick Newman.
The Biden Administration's Ongoing Battle Against Corporate Market Dominance in 2023
Throughout 2023, the Biden Administration has been actively working to address the issue of market dominance held by some of the most influential and deep-pocketed companies in the United States. This effort has been met with both support and opposition, and legal experts predict that the government's offensive will continue to rage on in 2024.
The administration's focus on curbing market dominance is a response to growing concerns about the power and influence wielded by major corporations in various sectors of the economy. From tech giants to pharmaceutical companies, there is a widespread recognition that the unchecked dominance of these corporations can stifle competition, limit consumer choice, and potentially harm innovation.
One of the key strategies employed by the Biden Administration has been to ramp up antitrust enforcement efforts. This includes scrutinizing mergers and acquisitions more closely, as well as taking legal action against companies that are deemed to be engaging in anti-competitive behavior. Additionally, there has been a push for new legislation that would strengthen antitrust laws and provide regulators with more tools to address market dominance.
The administration's efforts have not been without controversy, as they have faced pushback from some of the targeted companies and their allies. Critics argue that the government's actions could have unintended consequences and potentially harm economic growth. They also point out that the legal battles resulting from these efforts can be protracted and costly, leading to uncertainty in the business community.
Despite the challenges, legal experts anticipate that the Biden Administration's offensive against market dominance will persist into 2024. This is driven by a recognition that addressing this issue is crucial for promoting fair competition, protecting consumers, and fostering a more dynamic and innovative economy. As such, businesses across various sectors will need to remain vigilant and adapt to potential changes in antitrust enforcement and regulations.
Ultimately, the ongoing battle against corporate market dominance will continue to be a defining issue for the Biden Administration as it seeks to strike a balance between promoting competition and ensuring economic stability. The outcome of this struggle will have far-reaching implications for businesses, consumers, and the overall health of the US economy.
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