A few large firms now control the things we buy every week. Four companies slaughter 85% of America's beef, up from 36% in 1980. One firm owns Ray-Ban, Oakley, and LensCrafters. When a market has no real competition, the dominant firm can raise prices and cut what it pays workers and suppliers, because customers and employees have nowhere else to go.
The average markup over cost rose from 21% in 1980 to 61% by 2016, almost all of it at the biggest firms. A 2024 review of the research estimates pay would be 15% to 50% higher without employers' market power. This is money out of working families' pockets.
The Federal Trade Commission and the Justice Department's Antitrust Division are the federal agencies that take these companies on, and the companies can outspend them in court many times over. When the agencies are staffed, the law works: they blocked the Kroger-Albertsons grocery merger and won two monopoly rulings against Google.
Please vote to fully fund the FTC and the DOJ Antitrust Division in this year's budget, so the laws already on the books get enforced.