A study done reports that if Walmart paid all their employees at least $15 an hour it would cost Walmart only $5.5 billion... Walmart made $17 billion in profit in 2013, and spent $7.6 billion buying back shares of its own stock -- further consolidating the companys ownership in the hands of the Walton heirs, already among the wealthiest people on the face of the earth. As my colleague Catherine Ruestchlin and I explain in our 2013 study, these stock buybacks did nothing to boost Walmarts productivity or bottom line. They contributed zilch to cutting consumer prices or keeping those prices low. But if, for example, funds from this financial maneuvering were redirected to Walmarts low-paid employees, workers would each see a raise of $5.83 an hour. As a result, the overwhelming majority of Walmart workers would no longer need to turn to food stamps to supplement their wages. Other observers have found additional ways the company could substantially boost pay (and reduce reliance on food stamps) without increasing prices. Yet Walmart has made a decision to continue its dependence on food stamps and other public subsidies. huffingtonpost/amy-traub/walmart-food-stamps_b_5087262.html
Posted on: Fri, 22 Aug 2014 14:18:18 +0000
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