Elizabeth Warren Proposes Breaking Up Tech Giants Like Amazon
Amazon is eroding brick and mortar mom and pop stores, but it isn't doing that because it's a monopoly (it has 5% of retail sales), it's doing it because people prefer shopping online compared with physical stores. If you broke up Amazon into 5 competing e-commerce sites, strip malls across America would still be closing, and you'd just have 5 Bezos billionaires instead of 1.And it will do nothing to help the millions of American retail workers who are going to be out of a job, nor the logistics workers who are going to be automated out of jobs.This is populist demagoguery and scapegoating and not looking at real solutions, like strengthening the social safety net by increasing taxes on these businesses. At least Medical for All, Free College, or UBI have tangible, immediate benefits to people suffering.Or writing laws on Data Privacy can directly address that issue.But simply busting up companies? It won't address the underlying economic disruption happening, and if anything, it is likely to simply increase the amount of entities tracking you and risk of hacks.