Carl Szabo, Vice President of NetChoice, joined Mornings with Maria Friday to discuss the economic impact of the American Innovation and Choice Online Act, arguing that the legislation that targets Big Tech will hurt consumers.
CARL SZABO: Let's hope that the American Innovation and Choice Online Act does not move forward for all Americans. It would mean increased inflation, decreased choice and making lives harder. Imagine going into Costco and not being able to buy Kirkland brand cereal and only buy name brand stuff. That is what this legislation is trying to do for the online environment.
If this law had been in effect in 1993, we wouldn't have the iPhone today, because if you combine a phone with a camera, that's going to hurt Polaroid. That seems to be all that the legislation cares about: not consumers, but competitors.
Art Laffer came out with a paper saying that this legislation will actually increase inflation, and he's not alone. Larry Summers, the former economic adviser of Biden, warned against the impact of this on inflation. You spent the last hour talking about how this country is going in the wrong direction. The legislation will make it worse.