Below is a follow-up statement from Congressman Smith.
The problem of online piracy is too big to ignore. Congress cannot stand by and do nothing while American innovators and job creators are under attack.
When looking at the impact of online piracy on our economy, we must take into the account the broader economic impact which includes not just loss of sales but also lost profit, lost employment and wages, harm to consumers, and loss of brand value and trust.
A report released by BASCAP in May of 2009 stated: The OECD concluded that the value of counterfeited and pirated goods moving through international trade alone equalled US$200 billion annually. In releasing these findings, the OECD stated, “This total does not include the value of domestically produced and consumed counterfeit and pirated products and the significant volume of pirated digital products being distributed via the Internet. If these items were added, the total magnitude of counterfeiting and piracy worldwide could well be several hundred billion dollars more.”
Since the U.S. is the largest producer of IP that is consumed around the world, one can surmise that a significant amount of that total value is taken from the U.S. economy.
Additionally, at least one of sources consulted for this story is an opponent of SOPA, and therefore cannot provide an objective or unbiased analysis of the evidence.
Congressman Lamar Smith (TX-21)