The stock market giveth, and the stock market taketh away. If you doubt that, just consider what happened yesterdaywhen Walmart stock hit a 30-year low. The company’s profits are estimated to decrease by 12 percent in 2015.
How drastic has all this been for the Walton family heirs who own the majority of the stock in the world’s largest retailer? They are projected to lose at least $41 billion this year alone.
Walmart, it should be noted, has a reputation for being one of the most exploitative corporations in the world, but at the moment the company is losing money in nearly ever single one of is worldwide operations.
Hmm…doesn’t this fly in the face of what companies such Walmart and their political puppets in the GOP have been preaching for years? You know what I mean: The belief that to be successful, a company must underpay and overwork its employees so it can compete in the global marketplace.
If you want to see a company that operates by the opposite philosophy, take a look at Costco: It pays its employees an average of $21 an hour plus benefits. Walmart, in comparison, has an average wage of $8.81 an hour and no benefits at all. That’s probably why so many of Walmart’s employees are on Medicaid and qualify for food stamps, which, incidentally, Walmart receives some $13 billion in annual sales from. Talk about corporate welfare!
Costco’s profits so far this year are up 29 percent! While Walmart treats its employees like chattel and suffers as a result, Costco is treating their workers with the respect they deserve and is prospering.
So, it now appears clear that what Walmart and the Republicans want to claim as truth is nothing short of an absolute lie, much like everything they say, especially when it comes to economics.
Give more money to the wealthy, the GOP has been saying for decades, and everyone will benefit. Bullshit! The rich get richer, the poor get poorer, and companies like Walmart exploit the system. Now that we know the Republican mantra on how to grow the economy is based on a gigantic lie, how long will it be before the party collapses under the weight of so much crap?
This article was originally published by the same author at LiberalAmerica.org.