I lived through the AT&T breakup in 1984, and the fear campaign was identical: prices will rise, service will collapse, innovation will die. What actually happened was long-distance rates fell by roughly 40 percent over the next decade and a wave of competition produced the modern telecom market. Today Google controls about 90 percent of search and paid $26.3 billion in 2021 alone to stay the default on iPhones, a fact that came out in the Justice Department's trial. When one company can buy the front door to the internet, that is not competition. The 2020 House Judiciary report found all four giants enjoy monopoly power after a 16-month investigation. Breakups are the American remedy for exactly this situation, and they have worked before.
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PoliticsSep 23, 2026
Should the federal government break up Big Tech companies?
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The AT&T comparison is the one that convinced me. Long-distance prices fell, new carriers appeared, and nobody today wishes we still had one phone company. Monopoly power in search and app distribution looks exactly like 1982 telecom.
Standard Oil is the older precedent and it fits too. Rockefeller's successors did fine after 1911, and the spinoffs competed hard. Breakups punish the structure, not success, and shareholders usually come out ahead.