UFCW Parody of Walmart Ads Shows the Real Cost to Our Communities
https://www.youtube.com/watch?v=oc73ZEOmvIo We have all seen the commercials, the ones where Walmart compares itself to our local Union Grocery stores. The ads seem to imply that Walmart is saving us all so much money - but like so much we see today, the truth is really missing. UFCW1189's parody of the ad shows the true cost - not the false savings. Watch. Share. and Shop at Union Stores.
Here are a few statistics:
- In 2013 Walmart spent more than $6.6 billion repurchasing shares of its stock, bumping up earnings per share and consolidating ownership among the Walton family heirs. If Walmart had redirected the $6.6 billion spent on share repurchases in 2013 toward investment in human capital, it could give its 825,000 low wage employees a raise of $5.13 per hour, boosting productivity and sales. (Demos)
- For every additional dollar spent on payroll, stores see an average of $10 in new revenue. (Demos)
- According to UC Berkeley Labor Center, retail wages fall 10% and health coverage declines when Walmart enters a market. (Demos)
- Walmart reduced its federal tax bills by an estimated $104 million over the past six years by exploiting a tax loophole that allowed eight top executives to pocket more than $298 million in “performance pay” that was fully tax deductible. That sum would have been enough to cover the cost of free school lunches for 33,000 children for those six years.
- Taxpayers spend $7.8 billion a year subsidizing Walmart and the Walton family (food stamps, Medicaid, public housing, school food programs)
- In 2013 Walmart was ranked #1 on the Fortune 500 with $16 billion in profits on revenues of $473 billion.
- In 2013 Walmart had an estimated $13.5 billion in food stamps sales ($138 million here in MN)
- In the second quarter of 2014 Walmart “replaced a crucial metric for assessing executives’ performance,” according to The New York Times. This helped executives meet their bonus benchmarks—and helped Walmart obtain their “performance pay” tax subsidy.
- The 40.5 million tax subsidy over six years for CEO Mike Duke would have been enough to cover the average cost of food stamps for more than 4,200 people for six years.
- Minnesota taxpayers have spent an estimated $120 million subsidizing Walmart—that is enough money to hire about 1,500 public school teachers.
- Walmart receives an estimated $6.2 billion annually in mostly federal taxpayer subsidies. In MN the estimated cost of public assistance for Walmart employees is $93 million.