There is an ongoing debate about how Title II internet regulation affects broadband investment. The Federal Communications Commission (FCC) reports that under Title II and the 2015 Open Internet Order, broadband network investment dropped more than 5.6 percent (citing various studies) the first decline outside of a recession and that it was hardest on small internet service providers (ISPs).

Title II proponents, including tech media outlets such as Ars Technica and Wired, claim that the regime increased investment as they point to numbers from individual companies. However, these publications and the Financial Times make the mistake of comparing topline capital expenditure (CAPEX) numbers year over year without recognizing that each firm employs a different accounting methodology, and that prices of network equipment are neither static nor linear.

Simply put, the broadband investment dollar today buys more than it did in 2015. All things being equal, an ISP could spend less and still get the same throughput because the efficiency of broadband network technology has improved. But that is not the whole story.