Are U.S. Politicians Trying to Kill Our Biggest Growth Engines?

Are U.S. politicians and regulators trying to kneecap the crown jewels of the U.S. economy? (And, does that qualify as a mixed metaphor?)

Every week, there's news of some antitrust investigation or suit aimed at Google, Facebook, Amazon, Apple, etc. It's hard to argue that big tech firms don't have at least partial monopoly power in specific spaces. But does that mean they should be broken up or forced to change?

The big tech companies have driven massive growth in shareholder value. If your retirement plan holds index funds, chances are that a handful of tech giants have had an outsized impact on performance in the last decade or two. They are big employers - Amazon just announced they would hire 125,000 new employees at an average starting pay of $18/hour. That will put their U.S. total employment at close to one million.

There was a time when the U.S. was a dominant force in manufacturing. Those days are gone. But, despite chaotic politics, no clear technology plan like China, no subsidies like those granted to Airbus, the big U.S. tech companies have grown to dominate multiple sectors of the digital world. And the future is increasingly digital.

I expect E.U. officials to routinely harass successful, non-EU companies. But should the U.S. be joining in this effort? Or should U.S. officials aggressively seek to ensure these firms can grow globally and push back against countries that unfairly restrict them?

None of these firms is a true monopoly. Amazon is pushing into digital advertising where Google and Facebook dominate. Google is trying to cut into Apple's market share in phone hardware and software, and offers a credible alternative to Amazon's home device ecosystem.

But, it's true that small competitors may not have much chance to succeed.

What do you think - should regulators and politicians handicap big tech firms, or actively help them grow globally?