Costco CEO: Raise The Minimum Wage To More Than $10 Per

Johnny Kilroy

Johnny Kilroy

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Type Username Here said:
They'll just raise the prices of those things.

I'm for increasing wages, but unless we stop corporate greed, it's pretty much useless to do so. People are ready to spew the "corporations are going to pass it on to the consumer" nonsense, but neglect to mention that most of these companies are making record profits and paying out record bonuses.
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I was just about to say this. Minimum wage goes up? So does everything else in life. :shaq2:
 
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Type Username Here said:
They'll just raise the prices of those things.

I'm for increasing wages, but unless we stop corporate greed, it's pretty much useless to do so. People are ready to spew the "corporations are going to pass it on to the consumer" nonsense, but neglect to mention that most of these companies are making record profits and paying out record bonuses.
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Have you looked at a standard P/L in your life? Walmart isn't making Record profits.

Let's see 113,204 million revenue. Net income 3,635 million.

3635/113204= 0.032 WOW!!! these greedy corporations are Raking in the cash on the order of 3.2% on the dollar!
Safeway inc---
44206 million revenue. Net income 566

556/44206 = HOLY MOLY look at this record profit of 1.2%

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I used to work for a large Unionized Grocery chain.

Long story short, I connected with some old friends (facebooK) at a place i used to work at.

Things are really ugly.

as it was a union OP when I worked there in college, I made 21.70 an hour. I also received the most generous benefits package that I have ever had in my life. Dental, medical and even eye-care was always free. I also had 3 weeks paid vacation, and more senior employees had 5 weeks.

Recently, I went into a store near my house to see some old friends and buy some quinoa. There was almost nobody shopping there. A new neighborhood walmart opened nearby apparently.

Sadly, the workers were forced to take 5$ paycut and they now make 16 dollars an hour. they also took mandatory hour cuts when they were once guaranteed 40 hours.


Naturally, a store that pays their employees such generous wages and benefits is going to have to charge more for retail products. They simply can't compete with Walmart.

What I don't understand is that this is a highly liberal democrat area, yet apparently Walmart's nieghborhood stores are wiping out all of the Union Grocery stores. The liberals talk all the mess about big corporations and the plights of the workers, yet they send all their consumer dollars to walmart? What is that about?

People don't care about what the workers made. They care about prices and waiting in long lines. If you think people care about anything else, then you're wrong.
 
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portcityplaya said:
:whoa: that's cool for huge corporations like costco and mcdonalds but it'd kill everybody else. maybe thats what he wants :leostare:
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It wouldn't hurt any company. Maybe a CEO will have to lose a jet or a yacht but the money is there, it's just sitting at the top.
 
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She Agree That I'm Looney said:
Again dude, spreading around CEO pay won't do shyt. Stop thinking through the lens of jealousy and start thinking through the lens of logic.
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I'm a master of logic. Obviously you're not. Funniest story ever on abc was when they reported Walmarts CEO gets paid more in one hour than his employees do all year.. That's not including his stock options...

I get paid 6'figures... I could care less.
 
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Princepality of Zeon said:
People don't care about what the workers made. They care about prices and waiting in long lines. If you think people care about anything else, then you're wrong.
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What your refencing is the theory of relativity as it pertains to the fundamentals of economics : a business will always do what is in its best interest, and a consumer will do the same.

To your first point, record profits are record profit's, regardless of margins. Volume decreases margins as a rule of thumb. I can either sell one item that costs me $5 to make to a small buyer for $10, or 10 of the same items to a larger buyer for $5.50 each and still make the same.
 
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Princepality of Zeon said:
Have you looked at a standard P/L in your life? Walmart isn't making Record profits.

Let's see 113,204 million revenue. Net income 3,635 million.

3635/113204= 0.032 WOW!!! these greedy corporations are Raking in the cash on the order of 3.2% on the dollar!
Safeway inc---
44206 million revenue. Net income 566

556/44206 = HOLY MOLY look at this record profit of 1.2%

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Click to expand...

Where are you getting these numbers from? Walmart made alot more than that.

Walmart:
$446.95 Billion (2012) [Revenue]
$26.55 Billion (2012) [Operating Income]
$15.7 Billion (2012) [Net Income]

http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=WMT

Safeway:
$44.21 Billion (2012) [Revenue]
$1.104 Billion (2012) [Operating Income]
$596 Million (2012) [Net Income]

SAFEWAY INC (SWY:New York): Financial Statements - Businessweek
 
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