The left likes to say that if you can't afford to pay your employees a living wage, you can't afford to pay your CEO millions of dollars a year.
Robert Reich ( or as I like to call him, 3rd Reich Robert) busted out Walmart as an example where their CEO is pulling down about $6 million/yr. Now, while the average Walmart employees makes about $20,000/yr or $0.24 less an hour than their retail counterparts, they still make more than the minimum wage in most places.
Walmart employs 2.1 million worldwide. Walmart's pre-tax earnings in 2018 was $22 billion. Now, if Walmart decided to take all of those pre-tax earnings and equally distribute it to their 2.1 million employees as a raise, it would increase their annual income by about $10,000 per year. Now, while that seems like a nice bump we need to remember a few things. 1) The figures are based on pre-tax earnings, not profit. 2) $30,000/yr is still below a "living wage" and 3) It still doesn't come close to replacing all those $45,000+ per year manufacturing jobs that have been lost.
If Walmart decided to slash their CEO's compensation by half and distribute that $3 million out as raises for the employees, it works out to around $1.47/hr. Which means if Walmart's CEO worked for free and the $6 million was used to give raises to all their employees, it works out to less than $3/hr per employee.
Hardly the life changing wage increase the mathematically challenged leftists think it would be.
Robert Reich ( or as I like to call him, 3rd Reich Robert) busted out Walmart as an example where their CEO is pulling down about $6 million/yr. Now, while the average Walmart employees makes about $20,000/yr or $0.24 less an hour than their retail counterparts, they still make more than the minimum wage in most places.
Walmart employs 2.1 million worldwide. Walmart's pre-tax earnings in 2018 was $22 billion. Now, if Walmart decided to take all of those pre-tax earnings and equally distribute it to their 2.1 million employees as a raise, it would increase their annual income by about $10,000 per year. Now, while that seems like a nice bump we need to remember a few things. 1) The figures are based on pre-tax earnings, not profit. 2) $30,000/yr is still below a "living wage" and 3) It still doesn't come close to replacing all those $45,000+ per year manufacturing jobs that have been lost.
If Walmart decided to slash their CEO's compensation by half and distribute that $3 million out as raises for the employees, it works out to around $1.47/hr. Which means if Walmart's CEO worked for free and the $6 million was used to give raises to all their employees, it works out to less than $3/hr per employee.
Hardly the life changing wage increase the mathematically challenged leftists think it would be.