Nobel Prize-winning economist Paul Krugman is comparing the unchecked power of America's social media giants to drug lords, while accusing tech billionaires of distorting democracy and shaping foreign policy to protect their business models.

America Is A ‘Digital Narco-State’

In his newsletter on Tuesday, Krugman argued that the United States has “in practice, become a digital narco-state,” noting that social media platforms in the country were as dangerous as drugs, which “do considerable harm” while continuing to operate with minimal oversight.

He asked readers to imagine a U.S. where heroin is legalized, marketed freely, and becomes “a huge, multibillion-dollar industry.” That dystopian vision, he argued, isn't hypothetical, and it's already happening, just with “social media” in place of heroin.

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According to Krugman, the power and influence of America’s social media billionaires extend beyond just domestic politics. ...