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Yesterday, it was revealed that employees at a Cleveland Wal-Mart are holding a holiday food drive for other Wal-Mart employees.
This situation says everything about what’s wrong with the U.S. economy right now.
Wal-Mart is one of the richest companies in the world.
Wal-Mart has a market value of $260 billion and made $17 billion in profit last year.
But Wal-Mart does not pay its employees enough to buy food for the holidays.
America’s corporations and investors have never had it better. The stock market is setting new highs, and corporate profits and profit margins are higher than they have ever been. Average Americans, meanwhile, have rarely had it worse. Wages as a percent of the economy are at an all-time low, and fewer people are working as a percent of the population than at any time in the past 30 years.
In addition to violating just about every conceivable ideal of community fairness and decency, this state of affairs is hurting the economy. Average Americans account for most of the spending in the country. And thanks to the refusal of rich companies like Wal-Mart to share more of their wealth with the people who create it, average Americans are broke.
Continue reading: Walmart employees hold a food drive…for other Walmart employees