Amazon founder, CEO, and wealth-hoarding dragon, Jeff Bezos, just announced that he will be transitioning from his role as chief executive of Amazon into the role of executive chair.
Jeff Bezos has been with the company since its inception in 1995 and has watched it transform from a small online book seller into a company worth over $1 trillion.
Andy Jassy, who currently oversees Amazon Web Services, will take over Jeff Bezos' role later in 2021. Jassy has been with the company since 1997.
"Being the CEO of Amazon is a deep responsibility, and it's consuming," Bezos wrote. "When you have a responsibility like that, it's hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I've never had more energy, and this isn't about retiring. I'm super passionate about the impact I think these organizations can have."
The news comes at the end of an unprecedentedly successful year for Amazon, in large part thanks to the pandemic, that saw the company's stock grow nearly 69% in 2020.
Jeff Bezos is currently one of the richest people in the world, with a net worth of approximately $184.6 billion.
Immigration, in recent years, has been a hot-button topic in American politics.
Most recently, the debate has centered around DACA, or Deferred Action for Childhood Arrivals. The three-day government shutdown in January was instigated by Democrats to push for a vote in the Senate on this issue. This program, instituted by the Obama administration, gives legal status to people who were brought into the United States illegally as children. Every two years, these people can apply for a temporary work visa. This visa gives them deportation relief and allows them to work legally in the country. This group is often referred to as “Dreamers."
Because this program was created through an executive order, the president has full authority to revoke it at any time. In September 2017, the Trump administration announced that it would phase out the DACA program with a six-month delay. Meaning, the deadline for Congress to act would fall on March 5, 2018. This deadline has pushed Democrats to fight for legislation that would create a program to replace DACA.
After the government shutdown, Senate Republicans and Democrats have an agreement to debate and vote on this issue February 8. However, there are still questions of whether the vote will actually happen and what exactly they would be voting on. Or even if the same bill could pass the House afterward as well as whether Trump will sign it.
There are a lot of things up in the air when it comes to DACA. With indecision on this issue from Congress, it looks more certain that the program will be ended completely. This would leave about 690,000 immigrants to face deportation when the program shuts down. If these people were forced to leave the country or did so voluntarily, what would be the possible economic effects?
The majority of DACA recipients are students. All of those covered by the program must be enrolled in school, or have a high school degree or an equivalent. Seventeen percent are working toward an advanced degree. As they complete their education, this group will look more like the highly skilled individuals with Bachelor's or Master's degrees who receive H-1B visas. Dreamers are also more likely to be employed in higher-skilled jobs than immigrants who are residing in the country illegally.
But not all enrolled in DACA are students. About 55 percent are working in some capacity in a variety of service and professional jobs. Many work in retail, food services, or hospitality. Some are enlisted in the military. But many still are business managers, social workers, teachers, and health care providers.
About 5,400 DACA recipients are practicing physicians. Without the program, these doctors will likely be forced to leave the country. According to the Assocation of American Medical Colleges, the shortage is expected to increase from 40,800 and 104,900 physicians by 2030. With the removal of DACA, the shortage could potentially worsen, especially in rural areas.
Additionally, around 20,000 enrolled in DACA are currently working as teachers nationwide. Most of them are in California and Texas. If the program is ended, all of these teachers would potentially be lost. This situation could leave many schools in limbo. Most Dreamers are also fluent in Spanish, an increasingly valuable skill in education and other fields.
That's not even counting other economic impacts. All of the DACA recipients are spending money and participating in the economy. They buy groceries, pay rent, and own cars and fill up their tanks. Once their DACA status lapses, they could potentially lose their jobs. This loss of income would prevent them from participating in the economy in the same way. This participation even includes the $495 application fee to enroll or renew their status every two years. Losing thousands of people freely participating in the U.S. economy will have an impact, especially in states where most Dreamers are settled. Over the next ten years, projections range from $200 billion to more than $400 billion in economic growth that could be lost if the DACA program were ended.
The state of the stock market is constantly reported on by almost every news outlet, so it can be hard to ignore. However, the stock market can fluctuate pretty greatly even just inside a single day. Should you worry when the stock market takes a dip or rejoice when it sees a small increase?
Not always. The stock market can be a good indicator of the overall economy, but it is still pretty volatile. If there is an incredibly big crash or rise, then you should probably pay attention. But some stocks will fluctuate wildly depending on current events, only to rebound once things have quieted down. Context always matters when watching the stock market.
The health of the stock market depends on how often people are buying and selling shares in publicly traded companies. The more a share costs, the more the company it belongs to is worth. The price is determined by market forces. Think of the supply and demand theory. The more people want to buy a stock, the more it will generally cost. This is why Apple's stock is worth around $143 per share. But because the price is based on demand, shocking headlines can cause sudden fluctuations in the cost.
An example of these volatile fluctuations is Boeing's stock plummeting in response to then-President-elect Donald Trump tweeting about the company. Trump tweeted, “Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!"
As a result, Boeing's stock dropped nearly $2 per share before the stock market opened the next day. The Air Force One contract with Boeing was actually $170 million. But stockholders were right to be concerned about the cancellation of a government contract leading to a downfall in profits. Still, the contract was never canceled and Boeing's stock rebounded over the next few days. This was a temporary reaction to the news of the day and not a true reflection of the state of Boeing's profitability.
But of course, if every single stock in the market experiences a huge drop, that might be some cause for concern. It was this kind of plummet that began the Great Depression and the more recent financial crisis of 2008. However, if the market falls slightly overall in a single day, pay attention to the next day. If it bounces back, then it's probably a short-term reaction. The same goes for an increase. If the trend continues more than a few days, it's likely here to stay for awhile.
When looking at stock market news, it's important to take into account that the market is pretty volatile. It often experiences short-term bounces and dips based on the news of the day. However, as one of the most accesible indicators of economic health, it is important to pay attention — even if only to determine if a short-term plummet will stick around.