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Newsweek
01-05-2025
- Business
- Newsweek
List of Stores Being Boycotted in May
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A grassroots organization is gearing up for "round two" of national boycotts of Amazon and Walmart as part of a continued series of economic resistance to benefit the working class. The nonpartisan People's Union USA has pushed economic boycotts of some of the country's biggest companies since February, vowing to protect the American working class from "the greed and corruption that's kept us divided, distracted, and struggling for decades." Newsweek reached out to its founder, John Schwarz, for comment. Why It Matters President Donald Trump celebrated his first 100 days in office on Tuesday, but news out of his own government a day later showed a bleaker picture than he painted both on the campaign trail and in his first three months. The U.S. economy experienced its first contraction in three years in the first quarter of 2025, shrinking by 0.3 percent as unease surrounds an economy marred by sweeping tariffs on aluminum and steel, autos, and products in nearly every country. As fears of a recession metastasize, Trump's approval ratings have hit historic lows according to numerous polls—which he called "fake" during a speech Tuesday in Michigan. What To Know The "Economic Blackout Tour" is not meant to repudiate Trump, Elon Musk, Joe Biden or any other politician, The People's Union says on its website. It's unaffiliated with any political party or ideological persuasion. "We don't play party games," the website reads. "We don't care who's wearing the suit. What we care about is truth, the people, and the power we hold when we stand together. ... This isn't about personalities, it's about the system. "Both parties have failed us. Billionaires and corporations have bought the government and weaponized the economy. We are not here to argue about figureheads; we're here to dismantle the rigged structure that's been crushing the working class for decades. We don't take sides, we take action." President of the Metropolitan Washington Council, AFL-CIO Samuel Epps during the People Over Profit: Interfaith Gathering and Call to Action at the U.S. Treasury Building on April 10, 2025 in Washington, DC. President of the Metropolitan Washington Council, AFL-CIO Samuel Epps during the People Over Profit: Interfaith Gathering and Call to Action at the U.S. Treasury Building on April 10, 2025 in Washington, Economic Security Project Boycotts since February 28 have already targeted Amazon, Nestle, Walmart and General Mills. Amazon and Walmart are again drawing the attention of the group and its supporters, with the former being boycotted from May 6 to 12 and the latter from May 20 to 26. Schwarz, who has more than 425,000 followers on Instagram alone, said in a video released Tuesday that it's not about Trump and the government "tanking the economy" or "hurting the stock market." Rather, he said there are three main objectives: making corporations pay their fair share in taxes; a reasonable profit margin cap that dissuades price gouging of consumers; and "equality across the board." Their website does state that diversity, equity and inclusion (DEI) initiatives should not be rolled back or eliminated, calling such methods "backward, regressive and dangerous." "We are targeting individual companies who are the biggest offenders of those things," Schwarz said. "Amazon is coming up for round two, Walmart's coming up for round two. We've got Target coming up [in June], which we're going to be calling just to the end of Target—they've had their chance, they're not budging. "It's time to just put them out of business, and we're gonna escalate on a few companies after the Fourth of July. We'll get there. Right now, this is what we're doing: strategic economic resistance with a point and demands that we the people want to see met." During the first boycott of Walmart earlier this month, a company spokesperson told Newsweek that "serving communities is at the heart of Walmart's purpose." Walmart CEO Doug McMillon makes over $25 million per year. Schwarz said then that retail stores, online stores, pharmacies, private label brands, subscription services and clubs were all part of the boycott efforts. On Tuesday, after a report by Punchbowl indicating that Amazon was going to show the impact of tariffs on item costs on its website, White House press secretary Karoline Leavitt called the company's move "a hostile and political act by Amazon." The company later walked back the claims, saying it was "never a consideration" for the main website and just under consideration for one part of its business. What People Are Saying Walmart to Newsweek earlier this month: "As one of the largest corporate taxpayers in the country, not only do we pay our fair share, we are an economic force multiplier strengthening communities nationwide through job creation, supplier growth, and over $1.7 billion in cash and in-kind donations last remain dedicated to earning the business of all Americans and giving our time and resources to causes that uplift and unite communities who rely on us every day." John Schwarz, in an Instagram post during the first Amazon boycott: "Every boycott, every blackout, every stand we take together is shaking their foundation. This moment isn't just about resistance, it's about reclaiming what's ours. Hold the line. Stay strong. The future is in our hands." What Happens Next Future boycott efforts by The People's Union include Target from June 3 to 9; McDonald's from June 24 to 30; and an Independence Day boycott. They say more boycotts are being planned, with details to follow.
Yahoo
06-03-2025
- Business
- Yahoo
Central Illinois businesses taking customer first approach during price inflation of goods
PEORIA, Ill. (WMBD) — Many of your favorite items to buy at the store cost more, why is this? Central Illinois residents have noticed that when they check the price of their groceries recently, the number by the dollar sign has gone up. Sous Chef in Peoria is a small business that sells locally sourced products and ready to eat food. The manager and operator, Patrick Couri, said the price hikes at places like Walmart or Costco hasn't quite reached them yet. 'I think it's hit larger places more because they get sort of a bigger network that has already been hit, and my network is smaller and thus more insulated, but it all trickles down,' Couri said. The cost of coffee has risen as well, and CxT Roasting Company in Peoria has stayed firm on not raising prices for years. 'We have had to raise some prices very recently,' said CEO Mitchell Popadziuk. 'We haven't raised prices since basically 2019. We've tried to eliminate some of the supply chain burden from going on to the customer, but unfortunately, at this point, it's getting to the point where we can't quite shoulder all of that and the coffee just needs to be purchased at the price that it is.' Popadziuk said customers get the cafe experience when they walk into the store, and so the rise in some of their prices was met with understanding from a loyal customer base. 'We've actually had customers tell us that our prices are seeming too cheap,' he said. 'So, you know, we're trying to like take all those factors into account when we're making our adjustments and we try not to do it too lightly. We take it very seriously because we know that this coffee is such an important part of many people's day.' Greg Johnston, president and chief investment officer for Johnston Investment Counsel, said inflation is better now than it was a couple of years ago, but is still not easy for people to afford. However, he doesn't advise you to look at your savings when heading to the grocery store. 'Should you be tapping your emergency fund because groceries are higher? I probably don't think so,' Johnston said. 'An emergency fund is, exactly, for an emergency.' According to an article posted on the Economic Security Project, in 2023 alone, Illinois residents needed nearly $12,000 more to cover the same expenses as in 2021. This includes expenses like groceries. Inflation is a fluctuating process, and it will go down and back up again. Johnston said right now, we are sitting around a 3% inflation rate. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-02-2025
- Business
- Yahoo
AI could widen the wealth gap, experts say
The world experienced a seismic shift in November 2022 when San Francisco-based OpenAI's ChatGPT, a generative AI chatbot, was introduced to the public. Much like the arrival of the internet in the mid-1990s, artificial intelligence is impressive for its time but merely a glimpse of what's to come. AI has already transformed every walk of life. But it also makes many of us wonder: Will artificial intelligence be the great equalizer or just another tool for the rich to get richer? Artificial intelligence is making our lives easier, but it has also started replacing some jobs. This has left many worried that this technology could make them redundant in the workforce and exacerbate wealth inequality. A survey by IPSOS showed that 50% of Americans believe the increased use of AI will result in greater income inequality and a more polarized society. Around 64% believe that governments should take action to prevent AI from taking people's jobs, and 46% of the younger generation believes it's likely or at least somewhat likely that they'll lose their jobs to AI within the next five years. But according to Taylor Jo Isenberg, executive director of the Economic Security Project, the way AI impacts economic inequality will largely depend on the decisions made in the next decade. 'We're at a critical juncture. The choices we make in the next decade will determine whether we deliver on a vision of broad-based prosperity or further entrench economic and political power into the hands of a few,' she explained. If left unchecked, corporations driven by profit incentives may develop AI in ways that concentrate wealth and power at the top. However, Isenberg believes that if governments can deploy smart policies such as interoperability and nondiscrimination, they can foster innovation in the AI space while preventing monopolization. The government's intervention could also help solve societal problems that might not have a big payday attached to them, such as health care and medicine. 'If we imbue government with the expertise to proactively regulate, build public infrastructure to ensure access and affordability, and double down on fair and healthy competition across the industry, I think we'll be off to a pretty good start,' Isenberg said. 'However, I think it's going to take political muscle and true leadership to put us on that trajectory, given the tremendous interest in staying the current course of letting a few players dominate the industry.' Carlos Gershenson-Garcia, a SUNY Empire Innovation professor at the Department of Systems Science and Industrial Engineering at Binghamton University, agrees. 'Taxing successful AI companies and investing those resources in broader fields like health care and education would be wise,' he said. 'The problem is that these companies fund and lobby politicians, giving them huge leverage over the government.' AI has the potential to widen the wealth gap not only within our country but also globally. In a recent analysis, the International Monetary Fund staff examined the potential impact of AI on global labor using an AI Preparedness Index. After assessing the readiness of 125 countries based on areas such as digital infrastructure, human capital and labor-market policies, they found that wealthier economies tend to be better equipped for AI adoption than low-income countries, with Singapore, the U.S. and Denmark leading the way. In other words, because wealthy countries have the infrastructure and skilled workforces to harness the benefits of AI, they may see a greater boost in productivity and economic growth. Meanwhile, less developed countries that lack the necessary technology and training programs will risk falling further behind. Over time, as AI technology accelerates in wealthy countries, it might only exacerbate the inequality that already exists among nations. Big tech companies leading the AI revolution, like Amazon, Google, Microsoft and OpenAI, are amassing a tremendous amount of wealth. And because these firms dominate cloud computing, data access and AI research, it makes it difficult for smaller businesses and individuals to compete. Similarly, wealthier nations with the infrastructure and capital to invest in artificial intelligence will reap the benefits, while lower-income countries will be left in the dust. There are winners and losers in the labor market as well. With some jobs gradually being automated, lower-income and less-educated workers will be disproportionately affected by it since they often don't have the financial resources to upskill themselves. On the other hand, the future seems pretty promising for workers with expertise in AI, machine learning and data science, but not everyone has access to the education and training needed to break into these fields. That said, Gershenon-Garcia thinks the fear of AI taking over all jobs may be slightly overblown. 'It might seem that AI is taking our jobs, but a closer look at the statistics should reveal that the change is not that different from previous technologies that had a similar effect,' he said. 'We can learn from what worked and what didn't in those previous cases and implement programs to minimize an adverse effect on the workforce.' Johnny Gabriele, head analyst of blockchain economics and AI integration at The Lifted Initiative, sees AI as part of a broader shift in technological evolution. He believes AI will follow the historical trend of widening wealth inequality unless financial structures change fundamentally. 'Looking back at history, large technological leaps have only widened wealth inequality. In my opinion, the only technology that has the power to do the opposite is cryptocurrency.' Gabriele said. 'At the end of the day, this tech revolution will reward those who can master it and punish those who ignore it. If things get bad enough, there are already talks about universal basic income, but the jury is still out on whether this will lead to utopia or dystopia." He believes that as long as our financial structures maintain their centralization, the rich will get richer, and the poor will get poorer. 'At the end of the day, it's centralization, not technology, that affects wealth and equality,' he explained.
