You're using the same words to talk about different things.

You're right, in the world we would like to live in, this wouldn't be a thing. People shouldn't expect that a business sale means a quality drop. That would be a good reality.

However, next to that good reality is the one we live in. Where people should expect quality to drop on a business sale, because that's the structure of the world we live in. Wishing the world were different isn't sufficient to make it so.

But it both hasn’t always been the case and still isn’t in large swaths of the country and the world. The 5x + enshittification phenomenon is both recent and a result of PE and “activist investors”.

“We” collectively should demand better. You act as if government is some omnipresent being that makes its own decisions. If citizens start demanding the government act in their best interests by enforcing things like anti-trust laws, it will.

Lina Khan, the only anti-trust believer of note and with influence, in my lifetime, got thrown out like a bad habit.

Enshittification is shit, though one can imagine bigger scarier issues slapping us in the face and fast.

What’s the argument? Sounds like you’re sour on it

The assumption that "the new owners have paid a 5x or more multiple, and the reason they would is if they think they can cut costs and increase prices", is not universal and in many cases quite new. There are many new owners and buyers for which this is not the case. Your local bar, restaurant, hobby shop, gym, bookstore, daycare and others often transfer without the new owner looking to pay a 5x premium and maximize profits. It's only recently that doctors, dentist, veterinarian offices and other high margin social businesses are getting converted to PE.

It's the enshitification of all the existing third places and extraction of social value for profit, because people will tolerate it due to lack of choice and social need.

> It's only recently that doctors, dentist, veterinarian offices and other high margin social businesses are getting converted to PE

And this is the only logical consequence of unregulated capitalism.

Line must go up, always. No matter the damage it causes. Price will always go up, and costs are always cut down.

It sucks because it is supposed to, as long as profits increase.

Right, it's pretty inevitable given the incentives. I think it's made worse by PE for a few reasons. They are investing with relatively short time horizons because they will need to sell to pay profits. So the long term health of the business is of no interest. If the reputation of the business suffers, that's someone else's problem. Compared to an individual investor who is looking long term, they need to retain customers and reputation.