In this article written by Michael Korkery titled, “Walmart’s Bumpy Day: From Wage Increase to Store Closings,” explains that Walmart is now supporting claims of Trump’s administration with the new tax law that will be helping many working-class citizens by using the savings to provide increased wages, more bonuses and extended benefits to its hourly workers like longer maternity and paternity leave. But, one minor setback from this new tax is that Walmart is closing about 50 Sam’s Club stores throughout the country to change a dozen of them into online shopping centers. There is a lot of competition with other stores when it comes to online shopping and with the new changes Walmart is hoping to stay caught up with all the changes.
One of the reason why this pertains to Chapter 2 in our reading is because we are in a capitalist economy which allows big companies like Walmart to make necessary changes for their own business. This also correlates with the sections about supply and demand for services and goods. Walmart is doing its best to cater to the needs of the consumers by adapting to online shopping which allows them to keep up with the demand (law of supply). Another way this relates to the chapter is where it discusses unemployment. With all the Sam’s Club stores closing, many employees were surprised to come to work and discover the buildings were closed. This type of unemployment is frictional unemployment because all these workers are in the process of being moved to different locations due to the closures.
The last example I found in the book is on fiscal policy because the government can increase of decrease taxes to influence the economy. The current publishers of the New York Times are Arthur Sulzberger Jr. and Arthur Sulzberger as chairman. Sulzberger senior turned the company to his son with the new year, but he has been publisher since 1992. The New York Times is based in New York City and it has won over 122 Pulitzer Prizes. The New York Times is one of the largest circulating newspaper in the Unites States, but the paper is often thought of as liberal, but they still try to cover a wide range of views in their articles.
Throughout their history they have endorsed different parties of the political scale, but they commonly support the Democratic party. The New York times has lost some credibility, Brooke Gladstone who writes for the New York Times says, “The decline in U.S.
public trust of the mass media can be explained (1) by the rise of the polarized Internet-driven news; (2) by a decline in trust in U.S. institutions more generally; and (3) by the fact that “Americans say they want accuracy and impartiality, but the polls suggest that, actually, most of us are seeking affirmation.”https://www.nytimes.com/2018/01/11/business/walmart-wages-tax-cuts.html?rref=collection%2Fsectioncollection%2Fbusiness