Planet Money · Friday, September 25, 2026
The rise of 'pass-through businesses' represents a quiet revolution in the American economy, with these entities collectively bringing in more revenue than all traditional corporations combined. Economist Eric W. highlights this trend as central to understanding the wealth and power of the 'middlegarchy.'
“At the center of this group's story is a quiet revolution in the American economy. The rise of a particular kind of private business.”
“Yeah, these millionaires, they are all the owners of what is called a pass-through business. And these pass-throughs, they are raking in more dough than all traditional corporations combined.”