It would be a scam, except academics could easily disrupt it and they (mostly) choose not to.
It's more that the taxpayer is fleeced by academia in general (the whole research-funding-publishing complex) for many billions because there's no incentive for academics to save the taxpayer money by handling publishing themselves. (As Doctorow notes, they already review the manuscripts, so all that's left for an existing journal's editorial team to do is vote for a chief editor and switch to any one of many open, free research publication services.)
Public domain publishing should be a condition of government funding for research.
It's more that the taxpayer is fleeced by academia in general (the whole research-funding-publishing complex) for many billions because there's no incentive for academics to save the taxpayer money by handling publishing themselves. (As Doctorow notes, they already review the manuscripts, so all that's left for an existing journal's editorial team to do is vote for a chief editor and switch to any one of many open, free research publication services.)
Public domain publishing should be a condition of government funding for research.