Can a ‘National Economic Blackout’ affect the economy?

CHARLESTON, S.C. (WCBD) – Discussions of a “National Economic Blackout” are surfacing on social media and are expected to take effect on Friday. This raises the question: can this truly impact the economy?

Sources say those who participate in the Feb. 28 Blackout will not shop, eat at chain restaurants, buy gas, or spend money at major companies for a 24-hour consumer boycott. This includes using credit and debit cards.

Consumers across the United States are looking to take economic action after many companies excluded their diversity, equity, and inclusion (DEI) initiatives.

Professor of Economics, Frank Hefner, Ph.D. at the College of Charleston said the proposed blackout may not have the expected outcome that some expect.

He explains postponing purchases for 24 hours will not make a dent in the economy because consumers will eventually make those purchases the next day.

He further adds the blackout protest will not “accomplish anything” as the actions are only for one day and will not make a significant difference to the corporations or their bottom line.

Consumers participating in the boycott expressed that they want to show “them” who really holds the power, according to The People’s Union USA.

Dr. Hefner states that if consumers aim to demonstrate their power to major companies, this is not a revelation; companies are already aware of consumers’ spending abilities. This is why they focus on selling products that align with consumer desires.

However, if consumers really want to make an impact on the economy, Dr. Hefner says the actions must be persistent.

He said that if people choose not to buy gas for six months, or decide not to make purchases on Mondays, Wednesdays, and Fridays for a certain period, it would have a significant impact.