Wal-Mart VS. President Obama
Yesterday, Wal-Mart announced a massive $2 billion employee bonus plan which “include[s] $933.6 million in bonuses that the retailer is handing out Thursday. There is another $788.8 million in profit sharing and 401(k) contributions, and hundreds of millions of dollars in merchandise discounts and contributions to the employees’ stock purchase plan.”
This is quite an amazing plan, especially for a retailer that is derided by critics for under compensating its employees. Despite the recession, this bonus is over 10% higher than last year’s employee bonus.
This is not an executive bonus plan; these bonuses will benefit Wal-Mart’s (literally) blue collar employees–the cashiers, customer service representatives, and stockers. Wal-Mart’s generous bonus will hand these employees an average of $933.60 per person, with over half of that paid out to employees yesterday!
Now, lets contrast this bonus with Mr. Obama’s “stimulus” plan:
Mr. Obama’s “stimulus” plan pays each worker $400 through a “tax cut.”
Wal-Mart is paying each worker an average of $933.60.
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Mr. Obama’s tax cut comes in the form of a payroll tax deduction, averaging $13 per week for the rest of the year.
Wal-Mart’s bonus includes more money per worker up front than the total paid out by Mr. Obama’s plan. It also includes various other benefits to be paid out in the future, including discounts, contributions to retirement funds, and increased ownership for workers in the company.
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Mr. Obama’s “tax cut”/”stimulus” is being financed with debt, and workers will have to pay back their “tax cuts” in the future.
Wal-Mart’s bonuses are being paid for with cash, coming from the company’s profits. The workers get to keep their bonuses, and will not have to pay back the money in the future.
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Which do you think is more generous benefit? Mr. Obama’s “tax cut” that will have to be paid back in the future, or Wal-Mart’s cash payment and investment in their workers future livelihoods. I know which I would prefer.
Americanly Yours,
Phred Barnet
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