Walmart holds food drive for its own employees
Last week a Walmart store in Canton, Ohio decided to do something for its employees who don't earn enough money to afford a Thanksgiving dinner - give them all raises ask their low-wage coworkers to give them food.
By the company's own admission, most Walmart workers earn less than $25,000 a year. Many earn far less than that - less than $9 an hour or just $17,000 a year. Meanwhile, the ONE family that controls Walmart is sitting pretty:
The Walton family is the richest family in the world and they collectively own over 50% of Wal-Mart, the world’s largest retailer and second largest corporation. The family is worth a combined total of $150 billion as of August 2013 and the six most prominent members of the family have approximately the same net worth as the bottom 30% of American families combined.
It would take a Walmart worker earning $9 an hour 8.8 million years to amass that kind of fortune. But the Waltons didn't do anything to earn their money; they inherited it all. And it is only the Walton family's greed keeping Walmart's low-wage workers from raises that would allow them to afford to buy their own Thanksgiving dinner and more.
Last year Walmart spent $7.6 billion to buy its own stock, driving up share prices and further enriching the Walton family in the process. According to a new report by the think tank Demos, the company could make a different choice and instead use that money to give each of its low-wage "associates" an immediate pay raise of $5.83 an hour without having to raise prices by one dime.
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