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.
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