Tag: Billionaires

FIXES FOR HUGE, BILLIONAIRE-OWNED NEWS AND MEDIA COMPANIES

Huge news and media companies are dangerous and harmful. They control the information and disinformation we receive. They are not providing voters with the information they need to maintain a well-functioning democracy. Here are steps to rein in and compensate for their dangers and harm.

Huge news and media companies owned by billionaires are dangerous and harmful. They control the information and disinformation we receive. They are not providing voters with the complete, balanced, factual information they need to maintain a well-functioning democracy. Therefore, we need, individually and through government policy, to take steps, such as those below, to rein in and compensate for their dangers and harm.

(Note: If you find a post too long to read, please just skim the bolded portions. Thanks for reading my blog!)

(Note: Please follow me and get notices of my blog posts on Bluesky at: @jalippitt.bsky.social. Thanks!)

My previous post focused on the dangers of huge, for-profit, billionaire-owned news and media companies in the TV, radio, print, and social media markets. It noted how their profit motive drives divisive content and a focus on culture war issues. And how this skews our politics and the focus of politicians and the public, while it undermines democracy.

This post focuses on how we can respond to this corruption of our news and media both personally and through government and institutional actions, including the following: [1] [2]

  1. Most immediately, patronize independent, reader / viewer funded news media. In particular, support local media, including local Public Broadcast System (PBS) radio and TV, as well as local print and on-line news sources. Your time spent reading / viewing and subscriptions to these outlets and, if you can, your financial support boosts their viability. Share their content; comment on and like their reporting. (Here’s a link to a previous post that identifies eight sources of news and analysis that I recommend. Much longer lists by topic are available here from Project Censored. Note: Project Censored’s primary goal is to highlight stories un- or under-reported by the mainstream media, i.e., effectively censored by them.)
  2. Enhance media literacy for ourselves, our families, friends, and colleagues. Build critical thinking skills so we and everyone we know can distinguish truth from misinformation, disinformation, lies, and fiction, i.e., real news from fake news. Encourage schools and adult learning programs to include courses on critical thinking and media literacy. More information is available from PBS here.
  3. Expect and, where possible, require news and media companies to clearly and fully disclose conflicts of interest and biases. When they don’t, call them out with comments, posts, letters to the editor, etc. Media watchdogs and professional associations should lead the way on this. Ultimately, ownership of news and media companies by individuals and entities with other business interests should be banned. This would prevent many conflicts of interest and biases. It would also insulate the news and media companies from being manipulated by government officials or others through leverage via other business interests. For example, Jeff Bezos owns The Washington Post and also Amazon, which has significant government contracts and is affected by many government labor regulations. Similarly, Elon Musk owns X and has many interests via government contracts and regulations on his other companies. Therefore, they are both susceptible to manipulation by President Trump.
  4. Viewers’ and readers’ personal information should be protected (e.g., ban its collection) and it should be illegal to use it to tailor individual’s news feeds. Personal information is currently used to feed audiences one-sided and slanted information, including disinformation, to spark their emotions and therefore their engagement. This is divisive for society and undermines democracy by failing to provide voters with complete, balanced, factual information.
  5. Regulate social media with a combination of Federal Communications Commission (FCC) standards and public utility regulations. These would require them to serve the public interest and to stop harming children. They should be liable for failures to moderate content for accuracy, to prevent hate speech and other inflammatory messages (e.g., calls for violence), and to prevent harm.
  6. Reinstate rules on fairness and accuracy in broadcast media that the FCC repealed in the 1980s. Require that news divisions operate independently of executives, advertising, and shareholders, as they did prior to the 1980s. The relicensing of TV and radio stations for their use of the public airwaves should enforce these standards and serious fines should be levied for violations of them.
  7. Use antitrust laws and anti-monopoly regulations to stop any further consolidation in the news and media industry. Ultimately, the huge conglomerates should be broken up. The FCC should change its rules and lower the number of news and media outlets any one entity is allowed to own in local, regional, and national markets.

Huge news and media companies are dangerous and harmful. They control the information and disinformation we receive. Their billionaire owners have biases, including politically. They are not providing voters with the complete, balanced, factual information they need to maintain a well-functioning democracy.

This situation is not inevitable. Personal and institutional actions, including public policies of governments, can change it. Steps, such as those above, need to be taken to rein in and compensate for the dangers and harms of huge news and media companies with billionaire owners.

[1]      Reich, R., 11/26/25, “The billionaires destroying our media system and what to do about it,” Common Dreams (https://www.commondreams.org/opinion/billionaire-ownership-media)

[2]      Reich, R., 12/2/25, “The monetization of rage,” (https://robertreich.substack.com/p/the-monetization-of-rage)

THE DANGERS OF MEDIA CONSOLIDATION AND BILLIONAIRE OWNERS

The creation of huge mega-companies is harmful, in part because they have monopolistic powers. It is particularly concerning in the media and news industry because they control the information we receive. Recent and proposed mergers and acquisitions in the media industry have heightened concerns about politically slanted “news” due to billionaire owners. A citizenry that’s well informed is essential to a well-functioning democracy and there’s a growing danger that these huge media companies and their billionaire owners are not providing citizens and voters with the information they need.

(Note: If you find a post too long to read, please just skim the bolded portions. Thanks for reading my blog!)

(Note: Please follow me and get notices of my blog posts on Bluesky at: @jalippitt.bsky.social. Thanks!)

The consolidation of companies through mergers and acquisitions to produce huge mega-companies is harmful for consumers, workers, small businesses, innovation, our economy, and our country. Huge companies have monopolistic powers over prices, product quality, and jobs because of limited competition.

Huge companies, owned by billionaires, are particularly concerning in the media and news industry because they control the information we receive and, therefore, what we know. A citizenry that’s well informed with important and truthful information is essential to a well-functioning democracy. Disinformation and a lack of information are what allow authoritarians and dictators to rule.

Because of consolidation and limited local competition, the costs of Internet access and cable TV have been going up. Costs have been increasing too for content providers and streaming services because of consolidation in those areas as well.

Recent and proposed mergers and acquisitions in the media industry have heightened concerns, not only about competition and prices, but also about politically slanted “news” as directed by billionaire owners. There are concerns about Trump’s influence on the owners and bias in reporting on him and his administration. For example, Paramount, owner of CBS and lots of other media companies, and its new billionaire CEO David Ellison have already installed a right-leaning journalist with limited experience as editor in chief of CBS news. Ellison has also gutted CBS’s diversity, equity, and inclusion (DEI) policies and installed a right-winger as “ombudsman” to (supposedly) ensure the fairness of news coverage. Paramount and Ellison are bidding to acquire Warner Brothers, which owns CNN among other entities, and are reportedly soliciting money from the Saudis and other Mideast sovereigns to help fund their bid. Ellison’s father, Larry Ellison, billionaire owner of Oracle and the world’s second richest person, has reportedly told President Trump that Paramount would fire CNN personnel that Trump doesn’t like if a deal for Warner Brothers is made and Trump’s regulators approve it. [1]

Billionaire owners of media companies generally have strong biases that are likely to affect the news and information (or disinformation) their companies report and spread. For example, billionaires (and other wealthy people) want public policies that allow them to make and keep great wealth. They often view democratic governance as a threat because it holds equal opportunity and equity as foundational principles. Billionaires may well want to suppress information on and criticism of their great wealth and the actions of their companies, or the private sector and unregulated markets in general. They may want to hide the ways they influence public officials and public policies, as well as the favorable policies they get.

The goals of billionaire media owners are not to provide valuable information to the citizens of a democracy, but rather to enrich and protect themselves. They also know that President Trump can and will support their companies (e.g., with government contracts and subsidies, by approving their proposed acquisitions) if they are on good terms with him. However, if they have a bad relationship, he can wreak havoc on their companies with regulations, tariffs, selective law enforcement, suits, penalties, or by using antitrust laws to block their acquisitions. [2]

Billionaire media owners include:

  • Elon Musk, the richest person in the world, who bought the major social media platform, Twitter, and rebranded it, X. He has allowed and encouraged it to become a purveyor of right-wing disinformation, hate speech, and dangerous rhetoric.
  • Larry Ellison, the second richest person, who, with his family, owns Paramount, CBS and many other media companies as described above. They are big supporters of Trump and Republicans. CBS paid Trump $16 million to settle a frivolous lawsuit and canceled Stephen Colbert’s show because he was often critical of Trump. (Some senior CBS staff, including at 60 Minutes, resigned because of presumably because they were told to treat Trump favorably.) The Trump administration then approved a multi-billion-dollar merger of Paramount and Skydance.
  • Mark Zuckerberg, the third richest person, who owns Meta, which includes Facebook, Instagram, and WhatsApp. He has allowed his companies to spread disinformation, hate speech, and messaging dangerous to the health and safety of children. He has also been a Trump supporter.
  • Jeff Bezos, the fourth richest person, who owns The Washington Post and Amazon, including all its media entities. He blocked the publishing of an editorial endorsing Kamal Harris in 2024 and has directed the Post’s editorial and opinion writing to support “personal liberties and free markets.” (The billionaire owner of the Los Angeles Times also blocked an editorial endorsing Kamal Harris.) Bezos is a Trump supporter and paid Melania Trump (the President’s wife) a staggering $40 million for the right to make a documentary about her.
  • Billionaire Rupert Murdoch and his offspring, who own Fox, The Wall Street Journal, and the New York Post. It’s widely recognized that Fox spreads disinformation favorable to Trump and Republicans, up to and including false election fraud disinformation that led to a court decision requiring Fox to pay nearly $800 million for defamation of an electronic voting machine company.

It’s impossible to know how these billionaires have skewed coverage of President Trump and his administration, as well as the criticism and protests of them, but it’s hard to believe they haven’t had considerable influence. There is a growing danger that these huge media companies and their billionaire owners are not providing citizens and voters with the information they need to have a well-functioning democracy.

More on the effects of billionaire ownership and media consolidation in my next post, as well as what can be done about it.

[1]      Myerson, H., 11/20/25, “Ellisons tap Saudis to fund news media takeover,” Today on The American Prospect (https://prospect.org/2025/11/20/ellisons-tap-saudis-to-fund-news-media-takeover/)

[2]      Reich, R., 11/26/25, “The billionaires destroying our media system and what to do about it,” Common Dreams (https://www.commondreams.org/opinion/billionaire-ownership-media)

PUBLIC POLICIES TO REDUCE ECONOMIC INEQUALITY IN AMERICA

Economic inequality is at record breaking levels in the U.S. The American oligarchy is powerfully wielding its economic and political power. Public policies can stop and reverse the growing economic inequality. See examples below. If Democrats or others want to garner support and votes, they should support policies to reduce economic inequality and create a secure economic future for working Americans.

(Note: If you find a post too long to read, please just skim the bolded portions. Thanks for reading my blog!)

(Note: Please follow me and get notices of my blog posts on Bluesky at: @jalippitt.bsky.social. Thanks!)

Economic inequality is at record breaking levels in the U.S. America now has 916 billionaires whose combined wealth is $8 trillion (yes, trillion). Their wealth has increased by over $1 trillion in the first nine months of 2025. Since the passage of the Republican tax cut bill in 2017, it’s increased from $3 trillion to $8 trillion. For comparison, the least wealthy 167 million Americans (half the population) have combined wealth of just $3.6 trillion. In other words, the combined wealth of 167 million Americans is less than half the wealth of the 916 billionaires. The rise in billionaires’ wealth reflects the transfer of profits of economic activity away from workers and to owners and investors.

A big part of this is the increase in the value of the stocks of companies these billionaires own and in which they invest. Provisions in the 2017 Republican tax cut bill (that were continued by the GOP’s Big Ugly Bill in July 2025) give huge tax breaks to corporations. For example. Alphabet (Google’s parent) gets $17.9 billion, Amazon gets $15.7 billion, and Microsoft gets $12.5 billion.

With their great wealth, these billionaire oligarchs have great political power, especially given the laws and court decisions allowing unlimited spending in political campaigns. This basically allows them to buy our elected officials, as Elon Musk bought Trump with the over $250 billion he spent on Trump’s campaign. “Highly concentrated wealth leads naturally to concentrated political power.” [1] As Supreme Court Justice Louis Brandeis wrote almost 100 years ago, “We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.”

The oligarchs have been wielding their political power very effectively for the last 45 years, and especially in the last ten years. They’ve succeeded in getting policies enacted that enrich themselves and leave American workers not just short changed, but shafted. Public policies to provide economic security for working Americans will never happen if the oligarchs retain their political and economic power. (This previous post presented policies to increase workers’ incomes and this post highlighted policies to reduce the cost of living for them.)

Therefore, the policies that allowed economic inequality to grow over the last 45 years, and to explode in the last 25 years, need to be changed. A group called Patriotic Millionaires has proposed “The Money Agenda,” a set of policies that would reduce economic inequality and “permanently stabilize the economic lives of working people, stimulate wide-spread economic growth, and ensure prosperity and stability for America’s next 250 years.”

The Money Agenda includes four pieces of legislation. Here’s a quick overview of them:

  • The Equal Tax Act
    • Increase tax rates on income from wealth (e.g., capital gains) so they are the same as the tax rates on income from work
    • Close the loophole that allows the wealthy to give away appreciated assets and dodge anyone having to pay tax on their increase in value (i.e., the stepped-up basis loophole)
  • The Anti-Oligarch Act
    • Phase 1: Stop the growth of economic inequality by putting a reasonable tax on the true income of the wealthy (e.g., including increases in wealth) and on the intergenerational transfers of wealth
    • Phase 2: Reduce economic inequality by implementing a wealth tax on the ultra-rich
  • The “Cost of Living” Tax Cut Act
    • Establish a Cost of Living Exemption of about $45,000 in order to eliminate income tax on income up to a reasonable cost of living for a single adult without children
    • Pay for the lost revenue by putting a surtax on incomes over $1 million
  • The “Cost of Living” Wage Act
    • Raise the minimum wage to a living wage for a single adult with no children, or about $21 per hour (roughly $45,000 per year for full-time work) and index it to inflation
    • Protect workers from loss of income due to automation or AI

The Economic Policy Institute recently issued a report titled “Raising taxes on the ultrarich: A necessary first step to restore faith in American democracy and the public sector.” It states that if “policymakers are unwilling to raise taxes on income derived from wealth, the tax system can never be made as fair as it needs to be.” Its recommendations echo the provisions of The Equal Tax Act and The Anti-Oligarch Act above.

It also proposes:

  • Replacing the estate tax with a progressive income tax on those receiving an inheritance.
  • Raising the top marginal income tax rate back to its pre-2017 level (i.e., from 37% to 39.6%). This would generate revenue of over $30 billion a year. (Note: In 1980, the top rate was 70% and it was over 90% in the 1950s.)
  • Returning the corporate tax rate to 35% (where it was before the 2017 Republican Tax Cut Act reduced it to 21%). This would generate over $250 billion a year in revenue.
  • Closing tax loopholes that the ultrarich and corporations use to evade taxes.
  • Strengthening the IRS’s capability to enforce tax laws. The IRS estimates that $600 billion in taxes that are owed are not paid each year. However, in recent decades it has lacked the resources to enforce the laws and collect those taxes because Republicans have underfunded it.

If Democrats, or another party such as the Working Families Party, want to garner support and votes, they should support these policies to reduce economic inequality and the economic and political power of the American oligarchy. These and related policies would also provide economic security for working Americans. Democrats should be unequivocal in embracing economic populism and stop cozying up to the oligarchy and their PACs for campaign contributions. [2] To consistently win elections, Democrats need to loudly and unequivocally promote a vision of a more economically secure future for working Americans.

[1]      Bivens, J., 11/17/25, “Raising taxes on the ultrarich,” page 5, Economic Policy Institute (https://www.epi.org/publication/raising-taxes-on-the-ultrarich-a-necessary-first-step-to-restore-faith-in-american-democracy-and-the-public-sector/)

[2]      Reich, R., 11/3/25, “What the Democrats must do. Now!” (https://robertreich.substack.com/p/what-the-democrats-must-do-now) /