Stossel column argues trillionaires like Musk benefit America, runs at Reason and Hot Air
Columnist John Stossel argues in a syndicated opinion piece that the wealth of people like Elon Musk is good for consumers when earned voluntarily. Reason ran it on 7 October and Hot Air on 11 October.
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The story, neutrally told
Right · 1In an opinion column, John Stossel responds to the reaction after Elon Musk became the world's first trillionaire, and concludes: "I hope America has more trillionaires." ReasonRC “When Elon Musk became the world's first trillionaire, people got mad.”“I hope America has more trillionaires.” Read at Reason ↗ Right · 2Stossel cites a popular YouTuber who said Musk "will own everything" and comedian Bill Maher, who asked whether it would be crazy to have a law capping anyone's wealth at 1 percent of gross domestic product; Stossel answers that it would be. ReasonRC “Actually, yes. My new video explains why it would be crazy.” Read at Reason ↗ Hot AirR “"He will own everything!" claims a popular YouTuber.” Read at Hot Air ↗ Right · 1He also notes a YouTube channel with more than 2 million subscribers that proposed taxing "every penny in net worth" of anyone with over $999 million, and argues this would deter people from becoming billionaires. ReasonRC “tax every penny in net worth of somebody who has over $999 million.”“That would deter people from becoming billionaires.” Read at Reason ↗
Right · 1The core argument, voiced by business ethics professor Chris Freiman, is that wealth is not a fixed pie: in a free market consumers hand over money voluntarily because they value what they receive more, so Musk's riches do not make others poorer, and Freiman says of Steve Jobs that the world got "a billion iPhones". ReasonRC “"That's simply not true," explains business ethics professor Chris Freiman.”“Steve Jobs became a billionaire, but the rest of the world got a billion iPhones,” Read at Reason ↗ Right · 1Freiman says capping success in the past would probably have cost the world products such as the iPhone, Netflix, DoorDash, Amazon and Spotify. Stossel adds that Sen. Bernie Sanders once said nobody should earn more than one million dollars but, once a millionaire himself, said anyone could become one by writing a bestselling book. ReasonRC “"If we had capped success in the past," notes Freiman, "We probably wouldn't have the iPhone, Netflix, DoorDash, Amazon, Spotify."”“Write a bestselling book, you can be a millionaire, too!” Read at Reason ↗ Right · 1Stossel contrasts private entrepreneurs with government spending. He says Congress spent billions on electric vehicle chargers, of which just 384 were open to the public after more than three years, while Tesla built more than 35,000 in that period, and that Musk saves taxpayers money because NASA found he launches things into space more efficiently. ReasonRC “After more than three years, just 384 were open to the public.”“Musk saves taxpayer money.” Read at Reason ↗
Right · 1He does not defend all billionaires: he names Bernie Madoff and Sam Bankman-Fried as fraudsters and Vladimir Putin and Fidel Castro as people who got rich through political power and coercion. His dividing line is how wealth was obtained, not how much: prosecute fraud and end government favors, but celebrate those who got rich from voluntary purchases. ReasonRC “Bernie Madoff stole billions by lying to investors.”“If they got rich through fraud, theft, coercion, or government favors, prosecute the fraud, and end the favors.” Read at Reason ↗ Right · 1Hot Air's version of the column is nearly identical, with minor style differences, and adds a note that Stossel posts a weekly video at JohnStossel.com and wrote "Government Gone Wild", plus a Hot Air appeal for VIP memberships. Hot AirR “Every Tuesday at JohnStossel.com, Stossel posts a new video about the battle between government and freedom.”“Join HotAir VIP and use promo code FIGHT to get 60% off your membership.” Read at Hot Air ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre0 outlets
No centre outlet in our sources has covered this story yet.
Right2 outlets
- Framing
- Both right-leaning outlets run the same Stossel opinion column, presenting trillionaires as beneficiaries of voluntary exchange and criticising wealth caps and government spending.
- Emphasis
- Voluntary exchange, entrepreneurs versus government as stewards of resources, and the distinction between honest and crony or coercive wealth.
- Leaves out or plays down
- No opposing voices or economists defending wealth taxes or caps; no discussion of political influence concerns beyond the YouTuber's quote; no news reporting, only opinion.
- Charged language
- “Protection Racket Media”“crony capitalism”“lately a voice of reason”
What every side reports
- Both outlets carry the same John Stossel opinion column arguing that honestly earned trillionaire wealth benefits consumers.
- Both quote business ethics professor Chris Freiman and criticise proposals to cap wealth.
Elon Musk person
Presented by Stossel as an example of an entrepreneur whose wealth comes from products consumers choose to buy; the column quotes no response from Musk.
“Car buyers voluntarily give Musk money because he created a car they value more than other cars.” — Reason
Billionaires and wealth inequality topic
Critics of billionaires are portrayed as wrongly assuming a finite amount of wealth; the column argues the issue is how wealth was obtained, not its size.
“People who hate the very rich tend to assume that there's a finite amount of wealth.” — Reason
Left0 articles
No coverage yet.
Centre0 articles
No coverage yet.
Right2 articles
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ReasonRC · · Opinion
Why Trillionaires Will Be Good for America
Celebratory Libertarian opinion piece under the headline 'Why Trillionaires Will Be Good for America', celebrating honestly earned wealth.
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Hot AirR · · Opinion
Celebratory Same column republished as 'Trillionaires' with a subhead on capping success harming innovation, plus an editor's note attacking mainstream media.
- 7 Oct 22:40 First ReasonRC Why Trillionaires Will Be Good for America Opinion
- 11 Oct 18:00 +91h 19m Hot AirR Trillionaires Opinion
Times are when each article was published, or when we first saw it if the outlet gave no time.