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