If you don't believe that small businesses are the backbone of the American economy, watch John Oliver orchestrate politicians of all stripes saying that phrase in sync. "It's true, 'small businesses are the backbone of our economy' is that rare thing that every politician agrees on," along with "support the troops," something NSFW about Ted Cruz, and Sen. John Thune's (R-S.D.) good looks, Oliver said on Sunday's Last Week Tonight. But despite what you might have heard, America is not in a "golden age of small-business startups," thanks, he argued, to rampant corporate consolidation.
Decades of virtually unchecked "merger activity has helped make some sectors of our economy ridiculously consolidated," Oliver said, citing airlines, rental companies, beer, search engines, and other industries. "In fact, look, full disclosure here, even our own parent company, Time Warner, is currently trying to merge with AT&T, which makes this story a little dangerous for us to do," he said, adding to the danger by savagely insulting AT&T multiple times. The U.S. has had antitrust laws on the books for more than 100 years, and there is some benefit to consolidation, Oliver explained, "but since the late 1970s, that balance has tipped decidedly in favor of being merger-friendly, which has led to real problems," for workers and consumers alike. It is past time to more strictly enforce those laws, he said, suggesting that should be a political no-brainer.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Crossword: June 23, 2025The Week's daily crossword
-
How far would Russia go for Iran?Today's Big Question US air strikes represent an 'embarrassment, provocation and opportunity' all rolled into one for Vladimir Putin
-
Anshu Ahuja's golden coconut and butter bean curry recipeThe Week Recommends Plump, creamy beans in a sweet, spicy sauce
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
