The Enshittification of America. How Private Equity Destroyed the Things We Love - Richard Lowe

Private equity didn't build anything. It bought things people needed, borrowed against them, extracted the value, and left the debt behind. Then it moved on to the next one.

The Enshittification of America documents how that process dismantled twelve industries over four decades. Airlines that used to compete on service now compete on who can charge more for a carry-on. Hospitals absorbed by investment firms that never treated a patient now deny care to hit quarterly targets. Newspapers that held local governments accountable were gutted for their real estate and their printing presses. Retail chains that employed millions were loaded with debt they didn't take on and bankrupted for the benefit of the people who loaded it. Restaurants, gyms, veterinary clinics, pharmacies, auto repair, housing. The pattern is the same in every industry: buy the thing people depend on, extract everything that can be extracted, and exit before the collapse.

This book names the mechanism, names the firms, and names the specific legislative and regulatory changes that made it all legal. It follows the money from the boardroom to the bankruptcy filing. It documents what was lost and what it cost the people who depended on these industries to get through their lives.

The last section documents the businesses and communities that held, and what the resistance to extraction actually looks like in practice.

Richard Lowe has published more than 113 books on technology, business, and American culture. He lives in Florida. More at masterofworlds.com and thewritingking.com.

Part of the Enemies of You series, seven books documenting the forces operating against you from the inside out. Each book stands alone. Together they form a single argument about the forces trying to control and enslave you for their own purposes.