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Ive always been vocal about the need to fight inequality in our own backyards. As a resident of New Yorks Capital Region, I built my marketing business here. And in 2020, I founded Business for Good Foundation, a nonprofit philanthropy organization focused on closing the growing wealth gap and providing a hand up to underserved entrepreneurs. The inequality is blatantly real. The 23.3% poverty rate is more than twice as high in Albany versus the 11.1% national average. In fact, New York is one of the most economically unequal states in the country. While local and state government have made promises to help clean up the city, reduce crime rates, and create more affordable housing, the reality is that we havent seen much movement and things arent getting better. If we truly hope to level the playing field and tackle these inequities, then those of us driving change in the private sector will simply need to keep our eyes on the ball, and step in where government officials are not. The growing wealth divide in the U.S. While those in political power might not always care to acknowledge it, income inequality remains one of the greatest challenges facing our country, to the point that the U.S. continues to boast a significantly larger wealth gap between the rich and poor than any other developed nation in the world. To put the issue into perspective, according to the Peter G. Petersen Foundation, the income of the 20% of wealthiest U.S. households rose 165% between 1981 and 2021, whereas middle and low income households have only seen growth of 33% and 38%, respectively. And if our political leaders arent even willing to recognize, much less take action to address the nations growing wealth divide, then making a real impact will require the collective effort, dedication, and resources of private advocacy groups and philanthropists in our communities. The compounding threat of housing inequality Sadly, for the millions of people living in underserved communities across the nation, overcoming income insecurity isnt about striving for the American dream, but rather ensuring they can feed their families and keep a roof over their heads. And as the U.S. economy continues to grapple with an ongoing housing shortage and affordability crisis, this growing sense of anxiety and desperation has the very real potential to result in further increases in poverty, crime and social unrest. The state of housing affordability in America today is frankly appalling. According to the National Low Income Housing Coalition, there is currently an estimated shortage of over 7 million affordable homes in the U.S., not even close to enough to accommodate the nearly 11 million extremely low income families throughout the country. Ive witnessed this devastating reality firsthand while living in the Capital Region. To address these issues, Albany announced an executive budget proposal earlier this year that would include a $400 million investment toward revitalizing the community. However, Albanys government has once again been slow to act, and the commitment has not been seen through, further underscoring the need for community and business leaders to work together to drive meaningful change, with or without state or federal institutional support. Relying on the private sector As someone whos been lucky enough to have a successful career as an entrepreneur, and who recognizes how the unfair advantages provided to certain groups prevent others from getting ahead, Ive frequently struggled to understand the states unwillingness to step in and put an end to the widespread inequalities that have been plaguing this country for so long. This is exactly the issue I set out to address when I founded the Business for Good Foundation. And if theres one thing Ive learned in my experience, its that providing those who are less fortunate with equal access to resources and opportunities is often all it takes to uplift an entire community. Going forward, I wont simply sit on my hands any longer and wait for state leaders support to do whats right. Instead, I plan to double down on our work in New Yorks Capital Region through a heightened focus on fostering business growth, economic inclusion, housing stability, and community development to build a better, more equitable world for all. Its my hope that other business leaders across the private sector will do the same. Ed Mitzen is cofounder of Business for Good. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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E-Commerce
As the new term of the Trump administration gets settled, the United States economy sits at a crossroads. With hundreds of billions invested in the energy transition by the previous administration, aimed towards long-term economic and energy security, the stage is set for the United States to take the next step in maintaining its status as the world leader in sustainable technology. Internationally, countries are jockeying to control this trillion dollar market, and while China has an early manufacturing lead, the U.S. industrial and tech sectors can prove to be a decision maker. By focusing on market-driven solutions and domestic resource development, the Trump administration can accelerate what the Biden administration did for the green economy by expediting permits and loosening regulatory approvals, while further strengthening national security and creating high-paying jobs. Critical minerals America’s transition to clean energy requires a robust domestic supply of critical minerals, with lithium playing a central role in our energy future. The U.S. possesses significant lithium reserves, particularly in Nevada, California, Texas, and Arkansas, that remain largely untapped. As Trumps ally Elon Musk has pointed out several times, investing in lithium refining is a license to printing money, and contributes directly to the energy and automotive industry through the production of lithium-ion batteries. The United States must maintain a strong presence in critical economic sectors. With EVs being the primary driver of battery demand, the shift toward EVs poses a challenge to the U.S. automotive industry, a key pillar of the nation’s economy. Over a million Americans are employed in motor vehicle and parts manufacturing, an industry that also plays a fundamental role in the country’s metalworking expertise. This underscores the importance of the ongoing U.S. steel saga and why keeping these industries under American control makes the economy stronger. As other nations scramble to source their own supply of lithium and other critical minerals for the transition, we have the opportunity to reduce dependence on foreign entities and empower U.S. businesses. Embrace the transition Electrical vehicle (EV) adoption is a win-win for the U.S. The link between dependence on foreign oil and economic recessions plagued Americans in 2022 with high gas prices. While the benefits of EVs and renewable energy are very clear in the context of shifting global economic priorities, America needs to fully commit to it lest it find itself too far behind to compete. This means significantly ramping up our current production. To enhance the scale of domestic EV supply chains, the U.S. military aims to create a dedicated market for American companies by utilizing next-generation batteries in a select group of military vehicles, drones, and equipmentexcluding current lithium-ion technologies and Chinese suppliers. Likewise, these initiatives could extend to other government agencies procuring batteries, such as the U.S. Postal Service fleet and the 28 other federal agencies that have pledged to increase EV adoption. This would go a long way in creating a fast and efficient supply chain for consumer-facing products. Supporting this could be government-led policies and public-private projects connecting domestic mining operations with local electric vehicles and renewable energy manufacturing further integrating supply chains which will benefit the rural areas in which lithium and other minerals are found. High paying jobs, upskilling opportunities, and the economic development of towns and cities are the direct benefits before we begin to consider the accepted financial gains that everyday Americans will make once the EV and renewable energy sector are implemented at scale. What is next? By reducing barriers to private sector investment, streamlining regulations, and supporting domestic resource development, the Trump administration can lead in developing clean energy solutions that benefit the economy and the environment. Environmental stewardship and economic growth are not mutually exclusive, but rather complementary goals that can be achieved through smart, market-driven policies. The U.S. can be the first green global economy, or we can continue being dependent on foreign interests, selling off American assets like U.S. steel, and trusting foreign powers to run supply chains critical to our national security: This is the crossroads we currently sit at. All indications point towards this second iteration of the Trump administration being good for U.S. businesses for the sake of a strong American economy, this means committing to the transition that entire industries have been prepping for since he last took office. Teague Egan is CEO of EnergyX. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
Category:
E-Commerce
Recent violence against Tesla dealerships will be labeled domestic terrorism, U.S. President Donald Trump said on Tuesday as he selected a new Tesla car to show support for the electric carmaker’s chief, his ally Elon Musk. Shares of the automaker closed nearly 4% higher on Tuesday, rebounding from the biggest one-day fall in four-and-a half years on Monday. Activists have lately staged so-called Tesla Takedown protests to voice displeasure over Musk’s role in sweeping cuts to the federal workforce at the behest of Trump and cancellation of contracts that fund humanitarian programs around the world. Musk, the world’s richest person, is spearheading the Trump administration’s Department of Government Efficiency, or DOGE. “They’re harming a great American company,” Trump said at the White House, referring to the demonstrators. Nearby, a number of Tesla vehicles were lined up on the driveway between the mansion and the south lawn. “Let me tell you, you do it to Tesla, and you do it to any company, we’re going to catch you, and . . . you’re going to go through hell.” About 350 demonstrators protested outside a Tesla electric vehicle dealership in Portland, Oregon, last week, while nine people were arrested during a raucous demonstration outside a New York City Tesla dealership earlier in March. There have also been recent reports of vandalism on Tesla vehicles and showrooms that are under investigation. Trump’s decision to buy a Tesla electric vehiclehe chose a Model Swas a significant show of support for Musk, who has come under criticism for his work in Washington. Model S pricing starts at about $80,000. Trump, in the driver’s seat of the shiny red car, said he’s not allowed to drive anymore but would keep the vehicle at the White House for his staff to use. He said he would pay by check and did not want a discount from Musk. In a post on his Truth Social platform, Trump defended Musk, saying he was “putting it on the line” to help the country and was doing a “fantastic” job. “I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American,” Trump said. Musk thanked the president for his support on his own social media platform X. Trump in January took aim at electric vehicles, revoking a 2021 executive order signed by his predecessor Joe Biden that sought to ensure half of all new vehicles sold in the U.S. by 2030 were electric. Tesla’s market capitalization has more than halved since hitting an all-time high of $1.5 trillion on December 17, erasing most of the gains the stock made after Musk-backed Trump won the U.S. election in November. The stock’s decline since December stems from falling vehicle sales and profit, protests against Musk’s political activity, and investor worries that politics was distracting the billionaire from tending to his cash cow. But at the White House event with Trump, Musk said he would double production in the next two years. “As a function of the great policies of President Trump and his administration and an act of faith in America, Tesla is going to double vehicle output in the United States within the next two years,” he said. Musk said in January that Tesla was working hard to increase annual volumes this year, after posting its first drop in annual deliveries in 2024. He did not reiterate an earlier promise of 20%-30% growth in vehicle sales this year. Musk told reporters on Tuesday he would stay in Washington as long as he was useful, but said he would remain Tesla’s CEO. Jeff Mason and Abhirup Roy, Reuters Reporting by Jeff Mason in Washington and Abhirup Roy in San Francisco; additional reporting by Shubham Kalia and Akash Sriram in Bengaluru.
Category:
E-Commerce
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