Amazon ‘Destroyed The Retail Industry Across The U.S.’ Says Treasury Secretary Mnuchin
by MR Magazine Staff
Jul 24, 2019
U.S. Treasury Secretary Steven Mnuchin said that Amazon “destroyed the retail industry across the United States” and that it’s appropriate for the attorney general to investigate the company alongside other tech giants in the sweeping antitrust review that the Justice Department announced yesterday. “There’s no question they’ve limited competition,” Mnuchin told CNBC’s Squawk Box. Mnuchin said that “although there’s certain benefits” to Amazon’s success, the company has “really hurt small businesses” in the process. “I think it’s absolutely right that the attorney general is looking into these issues,” he said this morning. Read more at The Verge.
This is, as usual, nonsense from Secretary Mnuchin; he has no clue about how retail works. Please remember he is lobbying Wal Mart not to raise prices should the “Trump Tax”, aka additional tariffs, go into effect. Really, Mr. Secretary, this is your job? Oh, and by the way, no retailer will absorb a 25% cost increase and not raise prices, which Wal Mart has clearly stated. What do you think Wal Mart shareholders think about this?
When one business entity represents reportedly 49% of online retail sales, how can that not be a monopoly?
For that entity to have so much influence over our country, it should be concerning to us all.
As pointed out, that is online sales only and Amazon represents only 5% of all retail sales, which is hardly a “monopoly”. Let’s call it like it is: This is all about Jeff Bezos.