Posted on 11/15/2018 3:05:49 PM PST by Sub-Driver
Bernie Sanders rolls out ‘Stop WALMART Act’ that would block stock buybacks until retailer raises pay
Published: Nov 15, 2018 4:21 p.m. ET
Legislation aims to prohibit big employers from repurchasing shares until they adopt a $15-an-hour minimum wage
After his Stop BEZOS Act appeared to help spur Amazon to raise pay for its workers, Sen. Bernie Sanders launched a similar effort Thursday that targets Walmart.
The Stop WALMART Act — introduced by both the Vermont independent and Rep. Ro Khanna, a California Democrat — would block big employers from buying back stock unless they pay all employees $15 an hour. Companies also would have to ensure that their CEO’s compensation is capped at no more than 150 times the median pay of all workers, as well as allow their employees to earn up to seven days of paid sick leave.
The full name for the legislation is the Stop Welfare for Any Large Monopoly Amassing Revenue from Taxpayers Act. It defines big employers as those with more than 500 workers.
“The time is long overdue for the Walton family to pay its workers a living wage,” Sanders said in a statement, referring to the family that owns about half of the retail giant. “If large, profitable corporations like Amazon AMZN, -0.85% and Disney DIS, -0.24% can pay all of their workers a minimum wage of at least $15 an hour, so can Walmart WMT, -0.75% .”
Share repurchases are widely viewed as one of the stock market’s key drivers in recent years. Sanders and Khanna have argued that Walmart should be spending money on pay hikes, rather than on buybacks that “enrich its executives and shareholders.”
(Excerpt) Read more at marketwatch.com ...
A Bill targeting only one company or all companies?
KMA, Comrade Bernie.
“...enrich its executives and shareholders.”....”
Duuh...hey, Bern. Question for ya: Isn’t it the executives and shareholders that are taking the financial investment risks in a business? Employees have no financial investment “skin in the game”. They just have a job at a wage they agreed to when they hired in.
Shouldn’t those who take the financial investment risks be the ones reap the investment rewards? Hmmm? Help me, Bern. Did I miss something?
Thank you for shopping smart.
Thank you for shopping S-Mart.
If Hillary had won they would already have done this.
They won’t be satisfied until store shelves are empty and most of the population has starved to death.
Socialism is so obvious. How old is Bernie anyway?
Idiot.... Walmart pays well above minimum wage in many states, especially California now.
But Pickles and the inner circle would be living as ultra royalty.
Dear Bernie, millions of poor and middle class shop at Walmart because you legislated everyone else out.
I think he just wants attention. Maybe he is hoping to run again.
It is REALLY hard though to sympathize with Walmart and much of corporate America that seem to have a hate on for the POTUS.
Bernie Mouch strikes again.
Bernie and Co. have defined a specific group as targets of this bill.
US Constitution: Article 1 Section 9 Clause 3: " Limits on Congress" - No Bill of Attainder or ex post facto Law shall be passed.
Definition of 'Attainder':In the context of the Constitution, a Bill of Attainder is meant to mean a bill that has a negative effect on a single person or group (for example, a fine or term of imprisonment). Originally, a Bill of Attainder sentenced an individual to death, though this detail is no longer required to have an enactment be ruled a Bill of Attainder.
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Oath of Office for US Senator"I do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God."
Do I detect an oath-breaker?
And, how would they pay for that increase in costs? They won’t cut into their profit as they won’t have to. Walmart is already the price leader in almost every category. They will raise their prices. While working on my MBA I wrote most of my papers on Walmart. Reason being, they had a huge amount of publicly available data. At the time, their average shopper made $25,000. The next higher retail company, and I don’t recall the name, was $50,000. The average Target shopper income was $75,000. So, in raising the prices at Walmart, who will be hurt the most? Those filthy rich one-percenters? No. The poorest shoppers.
Also, the average new Walmart employee at the time was forty and had never had a full time job before. The average time they stayed was 18 months. Articles said this was because their benefits and pay were so low. So? Walmart trained people and gave them 18 months of resume and...they moved on to better jobs. Walmart is America’s job growth ladder. There needs to be a bottom rung so people with little education and few skills have a place to sharpen their prospects.
Walmart is hated by the Left. But if you’re poor and have no skills you can get a start in life there. They have replaced all those manufacturing mail room type jobs that fled to other countries. Without Walmart America would be a much poorer place.
Bonus fact: At the time, Walmart was the single largest employer in 15 states.
The commie leftist bad- mouthing of Walmart shows just how elitist they really are. Walmart not only provides humongous numbers of jobs ( which nobody’s forced to take — ), but Walmart also provides major savings on thousands of products that “normal” American need or use. It’s apparent that these commie leftist D type political hacks are trying to hurt or destroy Walmart because it enables so many Americans to get decent honest work ( and off the dole) and thus - break their dependency on the giveaway welfare handouts the D party bosses use to control so many voters. Nobody ever said a Walmart job makes you rich. But it does give you an income and the honest pride in earning money instead of just taking it
Socialists: it its working they’ll try to break it, if it’s breaking they’ll try to control it, if it’s broken they’ll try to blame capitalism while factually taking it over.
Find out how much Walmart expends annually in wages and salaries. ( this can be found out doing a little research ). Then divide that by total revenue/income. This will give an average annual labor cost. Then double wages and salaries and repeat. Compare the two averages. You will see it is only greater by a few cents on the dollar. A tiny fraction.
Bernie’s slogan: Making America Venezuela
And sorry but he can not say that he is targeting other companies because the title of his bill spells it out.
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