'Stop Walmart Act': Sanders-Khanna Bill Would Outlaw Stock Buybacks for Corporate Giants That Don't Pay $15 an Hour
It is totally ridiculous what these huge companies are getting away with. But we have a ridiculous asshat for a POTUS so what else is new.
Actually, those statistics are incorrect.
While auto industry wages are higher in Germany than the US, the difference is $26.25 v. $23.83. A mechanical engineer in Germany can earn 44-52,000 Euros, but we’re not talking assembly-line workers…
This is an excellent excellent idea and bill. Not that 15$ an hour w/o benefits is anything close to a ‘living wage’ but you have to start somewhere.
Amazon, the largest company in the world, made $2 billion bucks simply by telling states and cities, “We’re bigger than small businesses, we’re almost a monopoly, so give us two billion to help us increase our monopolistic advantage!”
I’d prefer a general “Too big to be desirable” bill where anyone who is gigantic and/or is monopolizing some field must pay a graduated tax on all of its gross revenue. If the monopolies just don’t like to pay so much, they can always voluntarily fission themselves into smaller units that have to compete with each other.
What has always surprised me about amazon is how poorly run it is. This is a company that books 180 billion in revenues a quarter and makes just over 2 billion in profit. So that’s a profit margin just over 1%. There has to be parts of this company losing money in a big kind of way.
As to Bernie’s proposal, clever as usual and actually it has a chance.
In addition to the statistics you cite, I’m curious, do you know how much paid vacation/sick time, etc. they receive in Germany and what type of medical care everyone receives vs in the US?
“Had wages kept up with productivity and corporate profits since 1974, minimum wage would be around $30/hour…”
I wonder how accurate your numbers are here. I was working for the minimum wage of $1.65 an hour in 1974 and I was barely able to afford to pay for a studio apartment, didn’t have a car as I couldn’t have afforded it and never went out for the same reason. Today I’m making around $30 an hour and live quite comfortably. If I had to get by on $15 an hour now, I do believe I would be about as “comfortable” as I was in 1974.
I don’t see this as a long term solution. Inflation is on the horizon and there could be a lot of it. If that happens, the $15 per hour of the future quickly turns into the $8 per hour of today.
Look at the figures in constant candy bar dollars.
A candy bar in 1974 cost 10¢; that is 16.5 candy bars per hour.
Today a common candy bar price is $1.25; multiply that times 16,5 and the result is $20.62/hr.
Add full dignified family benefits to 15/hr and one’s pay is fairly close to the rock bottom 1974 minimum wage paid by wealthy capitalist practioners of Marx’s labor theory of value.
Stock buybacks need to be stopped. The stock market is dead and is being propped up with buybacks. The GOP tax bill offered massive tax breaks to major corporations, which were funded by public debt. The companies used the money they saved on the tax breaks to buy back their own shares. That reduced the supply of their shares. When supply goes down, price goes up. So it was an artificial way to to make the stock market soar even though the shares are essentially worthless. The money that flowed from the US government to corporations and then into the private accounts of stock investors will be paid for by taxpayers.
You might be interested in today’s zerowastenews.org
It really depends on the city you live in. $15 an hour in Portland Or or Bend Or would not be a living wage as NYC, Boston, Chicago, Seattle, DC, SF, San Jose or LA et all cities that continue to grow.
Excellent comparison. In 1971, the US-controlled Bretton Woods system collapsed. The US dollar was no longer backed in gold after that. It was the beginning of the end for the US domestic economy. There are charts on the right side of this wikipedia article about the Bretton Woods system. These charts reveal the effects of the collapse of Bretton Woods. It all started in the early seventies and become worse and worse ever since, to the point where people can’t even survive in this system anymore.
In addition to the facts in that link, there are bigger problems for the US moving forward. The global financial system is run by SWIFT which is controlled by the US. The US uses it to force countries to trade oil in dollars, and also to impose sanctions on those who don’t obey the master. That is how they cut Iran’s banking system off from the global oil markets. But not there is a global movement to stop using SWIFT. This would isolate the US and cause the US economy to collapse very quickly. Mainstream American media has been careful about how they cover it, with most refusing to talk about it. But it is the elephant in the room of global finance.
Love ya Bern. I fear the corporate Dems will once again try to ignore your compassionate peoples agenda. They are still listening to the Big Donors and not the People.
Everyone running for Prez except Bernie gives us the BS Snake Oil Carnival Barkers Pitch but they always vote to favor their Big Donors.
This is why Healthcare is such a discombobulated mess, because it was a Bill that favored the Private Insurance companies and ignored giving We The People a Public Option or access to Medicare.
The Dems when they controlled the White House and Congress left the American People at the Mercy of the Greedy Profit Oriented Insurance Companies, that would disapprove life saving treatments.
Somehow Bernie did not become a puppet of Big Biz and their tempting large legal Bribes.
Stay Healthy ole timer you are Americas only hope for a road map that will lead to a fair and equitable society.
There is also this grim economic reality in Germany:
Well, the University of California at Berkeley Labor Center proved it.
Walmart’s owners are fucking liars when they claim they cannot afford to pay their workers all $15/hour.
Yes a bill that would ban corporate giants from buying back their own stock if they don’t pay workers $15 an hour plus benefits and if they pay less than the maximum corporate tax.
10 cents for a candy bar.
I am someone who has never gotten over what to me were the good old days.
When I was 7-8 years old, I got 50 cents a week. A candy bar was 5 cents, a Pepsi in a glass bottle out of the “Coke” machine was 10 cents. That 50 cents went a long ways back in those simple times.
When I started driving in 1965, my first car could be filled up for under $6.00, as regular gas was 29 cents a gallon. That car costs $50.00
My first job paid $1.50 an hour, even after taxes, it was an unbelievable amount of money to me. It seemed like a lot until I looked around for a much newer car and what a small apartment cost when I thought about moving out on my own.