Amazon’s Takeover Of The Economy Is The Real Threat To American Jobs – Huffington Post
Amazon’s stranglehold on the U.S. economy is growing ever tighter, with devastating effects for the job market, says a report released Tuesday afternoon.
The group’s wide-ranging analysis details how Amazon, which recently saw annual revenue top a stunning $100 billion, has reshaped the way Americans shop and radically altered the job market.
After years of undercutting other retailers by selling products at a loss, funneling its customers into its super-convenient Prime service and â essentially â perfecting the art of online retail, Amazon is now synonymous with online shopping itself.
Taking into account goods sold through third-party retailers on its site, nearly $1 of every $2 spent online currently flows through Amazon, the report found. That’s had devastating consequences for retailers who simply can’t compete â both online and out in the real world (remember Borders?).
About 149,000 jobs have been lost as Amazon’s business has expanded, according to the analysis from the nonprofit Institute for Local Self-Reliance, which advocates for fair, sustainable local economies.
Amazon declined to comment on the report. In a letter to shareholders this year, the company claimed that its Marketplace, where third-party sellers offer up goods, has created 600,000 jobs. It’s unclear what kind of jobs these are, however.