Luddly Neddite
Diamond Member
- Sep 14, 2011
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No, it isn't; not when THEIR money results from taxpayers subsidizing THEIR employees' subsistence, i.e., food, shelter, and health insurance. It is THEIR use of the old capitalist ploy of privatizing profit and socializing cost. In one recent study it was found that McDonalds $1.5 billion in profits was almost matched by its employees dependence on $1.2 billion in public social services benefits.It's even better when you consider how the Great Recession increased the Waltons' wealth gap with those they employ and serve.
From Politifact:
"The 2010 figures are the latest available for doing comparisons with the net worth of the overall population.
"But we found, using the Forbes 400 list for 2013, that the wealth of six of Sam Waltons descendants has continued to grow. Here are their rankings and their wealth:
No. 6 Christy Walton (daughter-in-law), $35.4 billion
No. 7: Jim Walton (son), $33.8 billion
No. 8: Alice Walton (daughter), $33.5 billion
No. 9: S. Robson Walton (son), $33.3 billion
No. 95: Ann Walton Kroenke (niece), $4.7 billion
No. 110: Nancy Walton Laurie (niece), $4 billion
Total Walton family wealth: $144.7 billion.
"A note before we close:
"...the housing crisis is a key reason that the gap between the Walton family wealth and the wealth of other American families has grown. More Americans were left with 'negative wealth' because they lost their biggest asset -- their home -- and often significant amounts of their savings, as well, she said.
"Our rating
"One Wisconsin Now wrote: 'The Walton family, which owns Wal-Mart, controls a fortune equal to the wealth of the bottom 42 percent of Americans combined.'
"For comparison purposes, the latest data available, for 2010, the figure is 41.5 percent.
"We rate the statement True."
Just how wealthy is the Wal-Mart Walton family? | PolitiFact Wisconsin
To that I add a so what?
It is THEIR money.
Yep - the taxpayers are paying so the business owners don't have to.