Almost 7 in 10 Americans Believe that Leading Tech Companies Hold Too Much Power

Findings from a recent Pew Research Center survey showed that more than half of Americans are in favor of more regulation of leading Tech companies.

4,623 U.S. adults participated in the said survey that was conducted in April 2021. It was revealed that 56% of respondents feel that top technology companies should be regulated more than they are at present. Also, 68% claim these companies hold too much power over the economy.

A June 2020 study conducted by Pew on the same topic showed that 47% of the participants clamored for more regulation. Similarly, 51% agreed with the same in a May 2018 study.

Pew noted that across most of the political groups, especially among liberal Democrats, there has been a considerable increase in support for more control, as compared to the findings from the June 2020 survey. However, it’s worth mentioning that among the moderate or liberal Republicans, a major hike in support for increased regulation, wasn’t observed.

Around 55% of respondents say that in addition to more regulation, limitations should be imposed on major tech firms to prevent them from growing beyond a set size because it suppresses competition. However, 42% feel that such companies shouldn’t be prohibited from growing, provided that they are abiding by the guidelines.

As per Pew, liberal Democrats happened to be more supportive of the idea of controlling the size of such companies, unlike the majority of conservative or moderate Democrats, as well as, Republicans (all ideologies).

37% of respondents voted in favor of the government exercising its power to limit the growth of leading tech firms. 31% claimed that it wouldn’t be a big difference-maker and 29% expressed that it wouldn’t be a good idea.

The survey disclosed that 48% of liberal Democrats and 44% of conservative Republicans were more likely to support the idea of the government intervening to prohibit such companies from growing beyond a set size.

All in all, nearly 7 in 10 (68%) respondents (80% of conservative Republicans and 74% of liberal Democrats) feel that leading tech companies possess too much influence over the economy today. On the other hand, 25% claimed that these firms have just the right amount of power, and only 4% said that the power they hold is not sufficient.
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