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socialism for corporations, private profits for corporations
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<blockquote data-quote="rickyb" data-source="post: 1554365" data-attributes="member: 56035"><p><strong>2. The Average U.S. Household Pays $400 to Feed and Clothe Walmart, McDonalds, and Other Low-Wage Workers</strong></p><p></p><p>The <a href="http://www.epi.org/publication/safety-net-savings-from-raising-minimum-wage/" target="_blank">Economic Policy Institute</a> reports that $45 billion per year in federal, state, and other safety net support is paid to workers earning less than $10.10 an hour. Thus the average <a href="http://quickfacts.census.gov/qfd/states/00000.html" target="_blank">U.S. household</a> is paying about $400 to employees in <a href="http://www.bls.gov/opub/mlr/2012/01/art5full.pdf" target="_blank">low-wage industries</a> such as food service, retail, and personal care.</p><p></p><p>Walmart's well-advertised $1 raise will cost the company about <a href="http://www.reuters.com/article/2015/02/19/us-walmartstores-results-idUSKBN0LN1BD20150219" target="_blank">$1 billion</a> a year. Its profits last year were about <a href="http://www.sec.gov/Archives/edgar/data/104169/000010416914000019/wmt13114ars.htm#s7DDBA116E1AD46E7CA2E10834B1D24EF" target="_blank">$25 billion</a>.</p><p></p><p>The sordid tale gets even worse, as told by a <a href="http://www.pbs.org/newshour/making-sense/biggest-scam-bankrupting-business-middle-class/" target="_blank">PBS report</a>: Walmart has spent about $6.5 billion per year on stock buybacks to enrich investors, approximately the same total annual amount billed to taxpayers for food stamps, Medicaid, housing, and other safety net programs for the company's underpaid employees.</p></blockquote><p></p>
[QUOTE="rickyb, post: 1554365, member: 56035"] [B]2. The Average U.S. Household Pays $400 to Feed and Clothe Walmart, McDonalds, and Other Low-Wage Workers[/B] The [URL='http://www.epi.org/publication/safety-net-savings-from-raising-minimum-wage/']Economic Policy Institute[/URL] reports that $45 billion per year in federal, state, and other safety net support is paid to workers earning less than $10.10 an hour. Thus the average [URL='http://quickfacts.census.gov/qfd/states/00000.html']U.S. household[/URL] is paying about $400 to employees in [URL='http://www.bls.gov/opub/mlr/2012/01/art5full.pdf']low-wage industries[/URL] such as food service, retail, and personal care. Walmart's well-advertised $1 raise will cost the company about [URL='http://www.reuters.com/article/2015/02/19/us-walmartstores-results-idUSKBN0LN1BD20150219']$1 billion[/URL] a year. Its profits last year were about [URL='http://www.sec.gov/Archives/edgar/data/104169/000010416914000019/wmt13114ars.htm#s7DDBA116E1AD46E7CA2E10834B1D24EF']$25 billion[/URL]. The sordid tale gets even worse, as told by a [URL='http://www.pbs.org/newshour/making-sense/biggest-scam-bankrupting-business-middle-class/']PBS report[/URL]: Walmart has spent about $6.5 billion per year on stock buybacks to enrich investors, approximately the same total annual amount billed to taxpayers for food stamps, Medicaid, housing, and other safety net programs for the company's underpaid employees. [/QUOTE]
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