Nice in theory, but many issues persist:
Who gets to impose the consequences, and who gets to determine what is a lie? One person’s view of what is “fair and balanced” application of the rules is outrageous to the other side, and there will not be consensus on who gets to be the high moral authority that satisfies everyone. The rich guys will get to make the rules. Is Elon Musk really the voice of reason and arbiter of truth and falsehood that everyone is fine with if he starts censoring what he deems to be “lies”?
Also, news is a whole lot of spin, and these modern “journalists” know how to play the game. Look at the issue here: “Ivermectin is a horse de-wormer”. Offence is taken by that characterization because there are human variants, but that phrase is not in and of itself a lie, so really there could be no justifiable consequence on that basis. Now, does the spin lead to some oversimplification and potential for inaccuracy? Of course, but it isn’t a lie so it does it’s job of creating an idea of stupidity for those who use it without actually lying, so mission completely accomplished without presenting a patent falsehood. Also, commentators like Tucker Carlson have mastered the art of provoking without actually saying anything, but just asking questions so they can deny having lied. If I posed the question “Has HardCoreBlue stopped beating his wife yet?” The implication is clear but I haven’t actually told a lie, because hey I’m only asking a question - so I can get away with suggesting pretty much any stupid thing and not be called a liar on a technicality.
Third, shaming those who lie really accomplishes nothing. Trump had over 30,000 documented lies in his Presidency, and whenever he got called out for it, it only emboldened his supporters and him to double down. And short attention spans today mean that no one cares enough expend the time and energy to tear down the lie. In the last month, news has been dominated by Roe v Wade, Ginni Thomas’s texts, Cawthorn’s comments, pics and videos, MTG and Depp/Heard trials, SCOTUS leak, Meadows texts - hey, do we even get updates on COVID or an actual war in Ukraine as front page news anymore?
And the media has no desire to stop all this noise. They are there to sell papers or ad time, not worry about “the truth and nothing but the truth”. It is big business, and talking heads with loud opinions is what makes business work now. As CBS president Les Moonvees said about Trump’s election run in 2020 “It may not be good for America, but it’s damn good for CBS”. Fox, Newsmax, CNN, MSNBC et al surely agree.
It all boils down to expecting people to have integrity and do the right thing for others. That world seems to be long gone in many ways. I can’t imagine how badly JFK’s “ask not what your country can do for you, ask what you can do for your country” speech would play today. People would be screaming about the Government’s responsibility to act for the people and not the other way around and how self-interested he was and what a betrayal to his oath it was, rather than being inspired to devote time to public service as was intended and received at the time.