Walmart is in the news again. The Business Insider reported that Washington DC city council is creating a law that demands workers of large retail businesses, such as Walmart, pay their employees a minimum of $12.50 hourly. The District of Columbia’s minimum wage is currently $8.25 hourly.
Walmart and other large retail chains are notorious for not paying US workers a living wage. Yet Walmart enjoys an average annual net profit that exceeds $12 billion annually. A net profit is cash left over after all the bills, operating expenses, shareholders, and salaries are paid.
During the year 2012 Michael Duke, the CEO of Walmart, was granted an extravagant compensation package totaling $20.7 million. This equates to $1,725,000 monthly or $398,077 weekly.
If you calculated Walmart’s CEO wage hourly, based on a forty hour week, Mr. Duke was paid $9,951.92 hourly.
The CEO of Walmart is granted a compensation package that pays him more in three hours, than most Walmart workers are paid in one year.
The six remaining members of the Walton family who helped start up Walmart, have accumulated more wealth than the bottom 30% of all Americans.
Some people will argue that this is the American way, and will further their argument by asking, why do you hate wealthy people?
The answer is, no one hates wealthy people who earned their success via hard work.
The Walton family and Walmart executives are becoming more wealthy due to help received from US taxpayers.
Walmart pays such low worker wages, these workers sometimes qualify for government assistance, which is paid for by US taxpayers.
This means that US taxpayers are in fact financially supplementing Walmart’s employees, which results in more cash going to the Walton family, shareholders and Walmart executives. Is this fair?
As we all are aware, it’s not that Walmart cannot afford to pay their workers a livable wage.
Walmart refuses to pay a fair wage, because the Walton family, shareholders, and executives are behaving like most of America's top one percent. These privileged few Americans simply want to keep most of the profits, at the expense of US taxpayers.
Of course Walmart is not happy with the legislation being created in Washington DC. In fact Walmart has threatened to cancel opening more stores in the DC area if this bill becomes law.
US taxpayers will probably celebrate Walmart’s withdrawal, because taxpayers are tired of subsidizing the already wealthy, to become even richer.