Obvious examples of negative consequences of the first amendment include the profusion of false and misleading advertising, the scourge of political campaign spending, and the disastrous firehouse of misinformation being pushed out in various online forums. The idea that an abstract carte blanche for free speech outweighs those real and present ills is misguided. At the same time, we see that the limitation to only protection from government action enables effective quelling of speech by private actors.

At the core of the first amendment is the idea that people should not be punished for criticizing their government. I think that idea is worth preserving. But the idea that people are free to say anything they choose, in any context, regardless of its factual status, and also that their permission to do so is limited only by the resources they can muster to promulgate their speech, is an unwarranted extension of that concept.

I think you would find that the cure is far, far worse than the disease. We speak of rights, and those are important, but there's also a very important practical reason why we have freedom of speech: because you cannot trust that future government officials will stick to banning speech that is justly banned. Once you open that door, sooner or later someone is going to start abusing the power. How would you like it if the Trump administration was able to (with complete legality) declare that claims Biden fairly won the 2020 election are "misinformation", and punish people who make those claims? Or if you're a Trump guy, how would you like it if the next Democrat administration declared it to be "misinformation" to claim that Trump fairly won the same election, and punish people for it?

The cold hard reality is that no matter how much you trust the people in the government today, eventually they will be replaced by people you consider to be the scum of the earth. And when that day comes, you will curse the day you allowed the government to punish speech, because you'll see speech you consider perfectly justified become illegal.

The thing is that that same argument can be used to justify just about anything. If the scum of the earth is in power, they will ignore whatever rights you thought you had put into the constitution anyway. We are seeing that now. And I am already cursing the day that we decided on the restrictions we currently have. The Trump administration is declaring with complete legality that Trump won the 2020 election and is punishing people who believe that. Right now they're not taking the direct route, but it's abundantly clear that government power is being used to punish people who say things that Trump doesn't like.

There is no way of listing rights on paper that can protect you if truly evil people get into power. But there are ways of listing rights on paper that can allow good people who believe in those rights to defend them in ways that involve preventing evil people from getting into power. Free speech is not a magic bullet in either direction.