and you ll be able to pick them up at your local drugstore. third, we re going to approve competition for workers. i ve talked a lot about noncompete agreements, contracts that say you can t take another job in your field even if you get a better deal. i made a speech, i was just reminiscing with my staff, back in 2018 at the brookings institution, where i talked about the noncompete clauses that were just, i found to be absolutely ridiculous but how prevalent they were throughout industries. at least one in three businesses require their workers to sign a noncompete agreement. these aren t just high-paid executives who are assigned to hold secret formulas for coca-cola so pepsi can t get their hands on it. the recent study found one in five workers without a college education is subject to noncompete agreements.
it s exploitation. without healthy competition, big players can change and charge whatever they want, and treat you however they want. and for too many americans, that means accepting a bad deal for things that can t go you can t go without. so, we know we ve got a problem, a major problem. we also have an incredible opportunity. we can bring back more competition to more of the country, helping entrepreneurs and small businesses get in the game. helping workers get a better deal, helping families save money every month. good news is, we ve done it before. in the early 1900s, president teddy roosevelt saw an economy dominated by giants like standard oil and jpmorgan s railroads. he took them on. and he won. he gave the little guy a fighting chance. decades later, during the great
competing for workers. think of company towns across appalachia and other parts of the country where one big corporation runs the show. when corporations have that kind of leverage over workers, it pushes down it pushes down advertised wages by up to 17%. as competition decreases, businesses don t feel the pressure to innovate or invest in their workforce. that hurts working families and hurts our economy. all told, between rising prices and lowering wages, lack of competition costs the median american household $5,000 a year. look, i m a proud capitalist. i spent most of my career representing the corporate state of delaware. i know america can t succeed unless american business succeeds. let me be very clear. capitalism without competition isn t capitalism.
in seven americans with hearing loss actually use a hearing aid. another example. internet services. there are more than 65 million americans live in a place with only one high-speed internet provider. research shows when you have a limited internet operation, you pay up to five times more on average than families in places with more choices. that s what a lack of competition does. it raises the prices you pay. that s not just consumers getting hurt. big ag is putting the squeeze on farmers, small and family farms, first-time farmers like veterans coming home and black and latino and indigenous farmers, they re seeing price hikes for seed, lopsided contracts, shrinking profits and growing debt. lack of competition hurts workers as well. in many communities, there are only a handful of employers left
aids can cost thousands of dollars. that had is a big reason why just one in seven americans with hearing loss actually use hearing aids. another example. internet services. more than 65 million americans live in a place with only one high-speed internet provider. research shows when you have limited internet operation, you pay up to five times more on average than families in places with more choices. that is what a lack of competition does, it raises prices you pay. it is not just consumers getting hurt. big ag is putting squeeze on farmers, small and family farms, first-time farmers like veterans coming home and black and latino and indigenous farmers, they are seeing price hikes for seed, lop-sided contracts, shrinking profits and growing debt. lack of competition hurts workers, as well.