Fear of Clowns

"Faith may be defined briefly as an illogical belief in the occurrence of the improbable."
- H. L. Mencken

Wednesday, December 08, 2004

Redistribution of wealth: Walmart style 

In 2003, the five Walton Walmart heirs collected half a billion dollars for sitting on their asses collecting dividends from Walmart stock. Half a billion dollars. From Walmart stock dividends.

Each heir "earned" over 114,000 times minimum wage - for doing nothing! That's before taxes - only a measly 75,000 times the minimum wage after taxes.

The Democratic Staff of the Committee on Education and the Workforce estimated that employees of a smaller Walmart consume $420,000 a year in need-based federal assistance programs, including,

Maybe that's not exactly right - but the undeniable point being that employees of the approximately 3,000 Walmart stores are compensated in a way that they miss their actual living expenses by hundreds of millions of dollars a year.

And taxpayers make up the difference while the Walton clan makes off with half a billion dollars in profits made possible by labor you and I subsidize on Tax Day.

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