Why Does Washington Want to Destroy America's 'Magnificent 7'?
TUESDAY, DECEMBER 12 2023
Congress is intent on killing the Google – er, the goose – that lays the golden eggs. Apparently, they'd rather have us all be poorer and buy our cellphones and search engines and robots from China or India.
Nothing exemplifies America's tech industry dominance in the global economy more than the meteoric rise of what is now being called the "Magnificent Seven" stocks – Amazon, Apple, Google, Meta, Microsoft, Nvidia and Tesla. These companies single-handedly account for nearly all the gains in the stock market this year. They – which is to say we as American shareholders who own them – have a net worth of nearly $10 trillion.
Think about it. None of these gazelles are Japanese, German or Chinese. All seven are American companies. They are globally dominant. They are innovators nearly unrivaled in human history. Amazingly, you would think their best years are behind them, like an aging baseball player. No. They are getting stronger, not weaker.
As a consequence, they are keeping the 401(k) and retirement plans owned by more than 100 million Americans in the green.
These are the General Motors, Standard Oil, J.P. Morgan and U.S. Steel of the 21st century.
Yet, here's the mystery. In Washington and among the political class, instead of being lionized for their amazing products, they are like Rodney Dangerfield: they get no respect. Worse, Democrats, Republicans and federal regulators have their carving knives out for them. Apparently, making a profit, creating hundreds of thousands of jobs and adding trillions of dollars of consumer welfare are now nefarious pursuits in America where, to paraphrase Calvin Coolidge, the business of America is supposed to be business. Or, to put it in more modern terms, as Jerry Maguire would say, "Show me the money!" These powerhouses have certainly done that.
https://cfif.org/v/index.php/commentary/62-technology-and-telecom/6610-why-does-washington-want-to-destroy-americas-magnificent-7
