As he signed a sweeping executive order in July 2021 intended to crack down on anticompetitive business practices, President Joe Biden declared that "capitalism without competition isn't capitalism, it's exploitation."
That would become something of a catchphrase for Biden's presidency—and a mission statement for his appointees. Biden's Justice Department blocked the merger of JetBlue and Spirit Airlines on the grounds that consumers would be harmed by the consolidation of the budget airline industry. At the Federal Trade Commission, Biden-appointed Commissioner Lina Khan launched a crusade against all sorts of mergers and acquisitions. "Capitalism without competition isn't capitalism," Biden reminded everyone as he announced plans to goose competition in the meat processing industry in 2022.
