The US government now holds equity in more than 30 private companies, a shift being framed as good for taxpayers but risky for fair regulation.

• Since last June the government went from owning zero shares in private firms to stakes in over 30, sometimes as the largest shareholder.
• These cover minerals, quantum computing, semiconductors, nuclear energy, and steel — and are often demanded in exchange for subsidies, contracts, or permits.
• Right-leaning think tanks and both corporate Republicans and Democrats are attacking it as socialism and government overreach.
• Supporters argue it's basic capitalism: if taxpayers fund a company, they should get a piece of it, instead of handing out billions for free.
• The big risk is the government being both shareholder and regulator, which could tilt rules to favor firms it owns and block their competitors.

Outlook: Whether this helps ordinary people or just enriches those in power depends entirely on how the stakes and dividends get used.