A Vision for Tech Policy is Missing from GOP Economic Plans

In the current landscape of Republican presidential candidate priorities, there is a noticeable lack of emphasis on technology policy—a crucial area that demands attention. A substantial portion of registered voters, spanning all races and including those under 30, cite the economy as their primary concern. This concern intensifies in key swing states, with 39 percent highlighting the economy as their top issue. Yet, a GOP focus on technology policy, a perennial driver of economic growth, is surprisingly lacking. In a climate where economic well-being is paramount, especially under the current administration, a robust tech policy is not just desirable but essential.

Declining workforce participation and decreased worker productivity underlie the voters’ sense of economic malaise under the Biden administration. Post-COVID inflation has had a disproportionate impact on low-income households, increasing concern about their financial futures. Approximately one-third of households earning below $50,000 annually report diminished financial well-being under Joe Biden, with reduced savings and increased borrowing.

Addressing these economic challenges requires a focus on tech expansion and innovation. Innovations in artificial intelligence, software development, wireless systems, and computer hardware can boost productivity, create engaging job opportunities, and improve products. E-commerce platforms like Amazon, developmental tools like Flutter, and engineering support from sites like Solidworks present new business opportunities, lower the costs of starting a business, and set standards for online ecosystems, which lower development and distribution costs.

The economic sluggishness resulting from Biden’s increased regulation and federal spending offers a chance for a Republican administration to breathe new life into the economy. Building on the Trump administration’s deregulatory efforts, a new tech and small business executive order could create new opportunities for workers and entrepreneurs. In addition to enhancing the two-for-one rule by dedicating half of deregulatory efforts to small businesses, entrepreneurs, and tech innovation, the initiative should reverse the Biden “whole-of-government” effort to control the economy in favor of a whole-of-government effort for economic liberty. Departments and regulatory agencies should assist each other, fostering a collaborative and coordinated deregulatory effort at the cabinet level to remove the most significant barriers to economic well-being.

The president should also direct all departments and regulatory agencies to, within 45 days, provide him or her with 10-page initial plans for how each of them will reduce small business and tech regulatory costs, with final plans and timelines within 90 days. Progress and accountability should be major topics for discussion at cabinet and Council of Economic Adviser meetings and assessed by the Government Accountability Office.

The fear that advanced technologies lead to job losses and inequalities is not without merit. But the solution lies in understanding that technology does not create or destroy jobs; people do. While automation may strip away certain tasks, it also creates new roles leveraging human strengths like creativity, empathy, and judgment. The explosion of labor-saving innovations over the past 250 years – from steam engines to AI – without creating unemployment, underscores how economic liberty, manifested through the creation of new businesses and industries, has consistently improved lives, even for the poorest. Encouraging permissionless innovation, reminiscent of the light-handed AI policy of the previous administration, and shifting away from the current administration’s emphasis on government permission can fuel American creativity and ambition, spurring job creation.

Turning attention to antitrust concerns, EU and Biden antitrust enforcers are collaborating and prioritizing political interests over consumer welfare. Consider the case of Amazon’s proposed acquisition of iRobot, which the EU intends to block, and the Federal Trade Commission’s (FTC) broad assault on the company. The EU’s assertion that Amazon would damage robot vacuum cleaner competition is suspect, given that Amazon’s business success depends on service quality and product variety. And industry analysts conclude that the robot vacuum industry is competitive, with iRobot and Chinese companies leading the way, and ready for technological advances. The FTC’s assault appears personal and ideological.

In conclusion, a strategic and comprehensive tech policy could be a linchpin of a Republican agenda for economic renewal. By championing innovation, streamlining regulations, and collaborating with Congress to limit future administrations’ ability to re-expand the regulatory state, a Republican president can pave the way for a thriving economy.