Tech companies are not the biggest threat to our contentious political environment 

Former Speaker Kevin McCarthy discusses the importance of making social media platforms fair for all parties with X CEO Elon Musk in Jan. 2023. // Photo credit: Office of the Speaker of the House of Representatives, Public domain, via Wikimedia Commons

We are living in a time like no other in contemporary politics. From a near-assassination attempt on the now 47th President Donald Trump to an abysmal first presidential debate, there is no shortage of political news. Despite these glaring headlines, one specific concern captivating the attention of many Americans is how tech chief executive officers are actively asserting themselves into the political spotlight. 

A Pew Research Center survey found that almost 78% of Americans say that tech companies possess too much political power and influence. 

While this understandably raises concern among Americans who fear the influence of prominent private-sector leaders, tech companies have demonstrated their ability to significantly bolster our country’s economic strength, benefiting Americans through high-paying jobs, low price inflation for consumers, strong exports and superior innovation. 

Seeing Elon Musk lead a new Department of Government Efficiency under the Trump Administration should come as no surprise to many due to the fact that industry leaders have been prevalent in political economies is not a new occurrence. 

Large companies, such as Apple and Microsoft, have spearheaded economic growth and contributed to an overwhelming increase in job employment. From 2000 to 2018, more than 1 million people were employed by the major tech companies in the United States. 

When employment is high, the economy improves through higher wages and stronger livelihoods for people across different sectors. Higher employment also means more money in the economy. Robin Hartill, a writer for Yahoo Finance, states, “Workers have more money to spend, which drives economic growth.”

Tech companies’ successful outputs lead to overall economic improvement through better lives for people and fewer financial worries. Without highly successful tech companies, the employment rate can decrease, leading to severe consequences such as reduced ability to engage in successful investment opportunities and negative mental health effects. 

Moreover, American economics are no stranger to government involvement. Therefore, it is not uncommon for tech companies to discuss economic issues with government officials, as the government is interested in the viability of the U.S. economy. 

Third-year student Michael Finkel, a finance and accounting major, shared some thoughts on the matter. 

“With the rise of technology and automation, mundane tasks and calculations have become quicker, which is great for a more efficient economy,” said Finkel. “People should not fear tech companies inserting themselves in political conduct because the government and technology can work together to adapt quickly to changes that can drastically change the future.”

Although tech companies intend to benefit Americans by making overwhelming contributions to the economy, many are still fearful of their influence. Tech companies’ role in government raises questions about how their influence could change political dynamics. Pew Research found that “most Americans think social media sites actively censor political viewpoints they disagree with.”

However, these opinions are exacerbated due to the mere conception that tech companies possess powers beyond their scope of influence. In fact, tech groups have played an active role in protecting freedom of speech on online platforms.

Love it or hate it, tech companies are here to stay. Instead of worrying about such companies in political settings, take the chance to consider the economic benefits, such as the vast array of investment opportunities that tech companies provide.