Quote of the Day: Amazon Has Destroyed Retail Sales

Our Treasury secretary is all in favor of the Justice Department’s antitrust review of online platforms:

Treasury Secretary Steven Mnuchin said Wednesday that he supported the Justice Department’s efforts to look into Amazon, because the tech giant has “destroyed the retail industry.”

“I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States, so there’s no question they’ve limited competition,” Mnuchin said during an interview on CNBC. “There’s areas where they’ve really hurt small businesses.”

Is this true? Here’s the raw data:

There’s no question that online shopping has hurt traditional retail sales, but “destroyed” seems a little apocalyptic, no?

If the Justice Department wants to investigate Amazon for, say, unfairly monopolizing the e-commerce space, that’s fine. Go get ’em. But if the “problem” is that consumers have a growing preference for shopping one way rather than another, then forget it. That’s not something the federal government needs to be involved in.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate