There are people who screw up at Walmart. Walmart has sent managers to eavesdrop on employees. How could you not be? Before that, I was a Partner and First Vice President at Drexel Burnham Lambert where I co-ran a group of 14 professionals doing middle-market mergers and acquisitions. I think that is an issue in evaluating a choice. But it strikes me that the evidence suggests that Walmart workers are relatively happy with their position in life. Vedder, you seem to be trying to make the point that Walmart was really concerned about humanity and its people.
For a single mother working full-time to support her children, however, you are talking about hundreds, if not thousands, of dollars each year in additional expense that will cut directly into her discretionary income. David Theroux Anything you want to say? Were also told that Walmart destroys local business, and downtown areas, and often wreaks havoc with the fabric of local communities in a variety of different ways. So the evidence strongly suggests Walmart lowers wages and benefits. I like fly fishing, bait and spincasting, and deep sea fishing. If you go back to the cotton textile industry in New England in 1820, we paid children, child labor, in todays dollars, something like 25 cents an hour. Regardless of its reputation or its value to society, Walmart is here to stay.
My guess is that in California its a tad higher than that, because your wage levels tend to be a little higher than average. One study found as much as 3 percent. He shared rooms with his senior executives when he stayed in hotels, much to their chagrin. David mentioned, for example, the turnover rates of Walmart employees are really not out of line with industry standards, and that, as best I can tell, is the case. Because theres a notion there that somehow, wages just grow on their own with productivity. As such, it is the largest private employer in the United States and Mexico, and hires 600,000 new employees each year, reflecting a company turnover of about 44 percent, which is pretty much close to the industry average, I should mention.
Maybe they are yearning to be lectured at by a humorless kindergarten teacher posing as a high-level diplomat. Moore has made a living by cataloging the various sins of American life, while simultaneously trumpeting his own exquisite moral goodness. Well, that sometimes does happen. Then he says, without any empirical evidence whatsoeverand of course, in fairness, there isnt much of a chance to provide it in this kind of environmentthe implication is that higher taxes lead to economic growth. But if you win the bet, then what do you get out of it? Categories Tags , Post navigation. I was too numb after 90 minutes of unrelenting, irony-free propaganda.
. They also had a historical tendencyand, as a way to save money, they never advertised in local papers. I only say that because I read Forbes. Ken Jacobs I can say, as I did in my presentation, weve done very extensive analysis looking at this. But I might add, they go out of business not only because Walmart comes in, but because consumers shop at them. That it is a detriment to womens health.
Shortly after, Walton moved the stores to different states in Missouri, and Oklahoma. And I just want to mention a few examples. I think its an interesting question. My guess is that if people were forced to think through the subject, most would come to a more consistent position. More live audience members were won over by the arguments in favor of Walmart than those opposed to it. Walmart and Local Businesses What about local businesses? And, as I said, were delighted to have two experts who have looked at many of these questions.
Standard Oil gave us cheap kerosene and gasoline. But he did it help himself, to make more money, to be wealthier. Any favorite local, national, or international honey holes you've enjoyed fishing through the years? They're also more expensive, which is why, when given the choice, most people choose Wal-Mart. But these wages are not out of line with industry standards. Tobacco companies and so forth. Doctors and nurses in the birthing room need to communicate with one other, and with the mother in labor.
But don't worry: I'm still obnoxious at parties. And this is very typical for an industry of this kind. And then that is the basic crux of this. How does all of this make America a better place? Richard makes the point that you got some welfare benefits on the other side. Our second speaker is Ken Jacobs. Wheres that money going to go? So what he found was that Walmart reduces wages in general merchandise, not a surprise.
The first part is, since we talked about living wages and minimum wages and so forth, if X firm, store, business is told that they must increase their wages, what happens to the most marginal workers? Audience Member Its interesting that one of the things that hasnt been mentioned is China. Hopefully, most of them, maybe a bit less than some other people, depending on where you on the income spectrum. They don't pay workers what they need to survive and than they tell them to get food stamps and other government help. David Theroux Just as a question. As David mentioned, I have an association with this fine institute, that goes back, I think, to its beginning in one form or other, which now must be 20-something years.