(Steven Moore) – We’ve warned multiple times that the Biden-appointed head of the Federal Trade Commission, Lina Kahn, is a hyperactive college professor regulator who wants to slam the brakes on virtually every business merger and acquisition in America. The latest travesty: the FTC is now suing Facebook/Meta for trying to acquire “Supernatural” a hot new fitness app for workouts. The FTC thinks Meta will come to monopolize the physical fitness Industry.
Just for a moment, think about what a laughable proposition that is. The FTC is worried about a monopoly in one of the most competitive markets known to man. There is a fitness center practically on every block of every city in America. Planet Fitness has started offering monthly memberships for 24/7 access to the weights and the stair masters for as little as $19 a month.
This is a declining cost industry. Ten years ago there was no such thing as fitness apps, now there are hundreds of them. Tens of millions of Americans get their fitness for free every morning or afternoon with a three-mile jog or a swim at the neighborhood pool.
We bring this up not because we carry any water for Supernatural or Facebook. We just think this is an Illustrative of the new super-regulatory anti-business instruction manual of the Biden administration.
Oh, and did we mention the Klobuchar/Grassley antitrust bill could be voted on in the Senate in the weeks ahead? That bill would nearly double Lina Kahn’s budget.
Mr. Moore writes for the Committee to Unleash Prosperity