News for hackers. Stuff that matters.

A comment on Fewer than 40% of New Yorkers earn a living wage. Parent comment

Re:Fewer than 40% of New Yorkers earn a living wage by grecy on Tuesday January 10, 2023 @11:16AM (#34327114)
> if Walmart didn't employ these people, then taxpayers then they would be required to be subsidized by the taxpayer even more

Or Walmart could pay them a living wage directly, and just lower it's profits a little. That's how it works in every other developed country on the planet. Even Australia with it's $21.38 minimum wage and healthcare for all has only 3.5% unemployment [1]

[1] https://tradingeconomics.com/australia/unemployment-rate

[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by Aunche on Tuesday January 10, 2023 @12:01PM (#34327878)
>Even Australia with it's $21.38 minimum wage and healthcare for all has only 3.5% unemployment [1]

I agree that the US can increase its minimum wage without significantly increasing unemployment, but it can't do so nearly as much as Australia. For one, Australia has a lower minimum wage for youth. More importantly, Australia has vast mineral resources that are in high demand, so that creates a higher demand for lower-income labor.

[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by grecy on Tuesday January 10, 2023 @12:12PM (#34328057)
I love how you're arguing that a single family worth $250 BILLION dollars [1] shouldn't have to pay employees a living wage.

How do you think they amassed that fortune?

(Hint - they did it by paying their employees an extremely low wage.)

[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by s1artibartfast on Tuesday January 10, 2023 @12:19PM (#34328176)
I think the debate and proposal is better served by looking at Walmarts profit then someone's wealth.
[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by grecy on Tuesday January 10, 2023 @12:31PM (#34328358)
Walmart gross profit for the quarter ending October 31, 2022 was $37.200B, a 4.78% increase year-over-year.

    Walmart gross profit for the twelve months ending October 31, 2022 was $146.292B, a 2.14% increase year-over-year.


    Walmart annual gross profit for 2022 was $143.754B, a 3.54% increase from 2021.


    Walmart annual gross profit for 2021 was $138.836B, a 7.33% increase from 2020.


    Walmart annual gross profit for 2020 was $129.359B, a 0.2% increase from 2019.
https://www.macrotrends.net/stocks/charts/WMT/walmart/gross-...
[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by s1artibartfast on Tuesday January 10, 2023 @12:57PM (#34328753)
Net income[1] would be much more relevant measure of profit, as it describes the bottom line that can be returned to investors, or be payed to employees before the company becomes unprofitable.

Net income is about 9 Billion [2]. If the company were nationalized and turned into a worker cooperative, it could increase the pay for each of 2.3 million workers about 3.9k/year before it starts going out of business.

https://www.investopedia.com/ask/answers/101314/what-are-dif...

https://www.macrotrends.net/stocks/charts/WMT/walmart/net-in...

[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by grecy on Tuesday January 10, 2023 @06:11PM (#34332797)
> Net income[1] would be much more relevant measure of profit, as it describes the bottom line that can be returned to investors, or be payed to employees before the company becomes unprofitable

Ah, no, because Net Income is showing how much money is left after the Walton's pay themselves billions of dollars.

The company is making more than $100 billion in profit every year, and increasing every year.

[ Parent | on HN ]
Re:Fewer than 40% of New Yorkers earn a living wage by s1artibartfast on Tuesday January 10, 2023 @07:28PM (#34333459)
How do you propose that The Waltons are laundering out 100 billion per year? Dividends come out of net income.
[ Parent | on HN ]