Originally posted by Capt_Fantastic
Wal-Mart Increased Advertising More Than Health Care
Over the last two years (2004 and 2003), Wal-Mart has increased its advertising budget $724 million, which is more than half the $1.4 billion it spent in 2003 on health care -- the last reported year.
In fact, between 2002 and 2003, Wal-Mart put more new funds into advertising compared to health care. Wal-Mart increased spending on advertising by $290 million, while only increasing health care spending by $215 million for the same period. (note: this also occurred in 1999-98, 1998-97, 1995-96). (Wal-Mart Annual Reports and 5500 Filings)
Excluding his salary of $1.2 million, in 2004 Lee Scott made around $22 million in bonuses, stock awards, and stock options in 2004.
This $22 million could reimburse 3 states where Wal-Mart topped the list of users of state-sponsored health care programs, covering more than 15,000 Wal-Mart employees and dependents and costing state taxpayers between $21 to $24 million total. (WMT Proxy Statement and News Articles GA, CT, AL).
One Out of Seven Wal-Mart Employees Has No Health Care Coverage At All
This is nearly double the national percentage for large firms (firms with over 100 employees). In fact, we estimate that Wal-Mart accounts for more than 1 out of every 40 uninsured workers, who are employed at a large firm. (walmartfacts.com; Wal-Mart Annual Report; “Employer-Sponsored Health Insurance Coverage: Sponsorship, Eligibility, and Participation Patterns in 2001,” Bowen Garrett, Ph.D., released by the Kaiser Family Foundation September 2004).
Back to topCosts to Taxpayers
Download the Wal-Mart and Cost to Taxpayers fact sheet - PDFYour tax dollars pay for Wal-Mart's greed
The estimated total amount of federal assistance for which Wal-Mart employees were eligible in 2004 was $2.5 billion. [“Harper’s Index,” Harper’s Magazine, Vol. 310, No. 1858, 3/2005]
One 200-employee Wal-Mart store may cost federal taxpayers $420,750 per year. This cost comes from the following, on average:
$36,000 a year for free and reduced lunches for just 50 qualifying Wal-Mart families.
$42,000 a year for low-income housing assistance.
$125,000 a year for federal tax credits and deductions for low-income families.
$100,000 a year for the additional expenses for programs for students.
$108,000 a year for the additional federal health care costs of moving into state children's health insurance programs (S-CHIP)
$9,750 a year for the additional costs for low income energy assistance.
[THE HIDDEN PRICE WE ALL PAY FOR WAL-MART, A REPORT BY THE DEMOCRATIC STAFF OF THE COMMITTEE ON EDUCATION AND THE WORKFORCE, 2/16/04]
Your tax dollars subsidize Wal-Mart's growth
The only thing I can really talk about in that article is health care and honestly unless more is disclosed about the actual coverage, waiting periods, elimination periods and blah blah the health piece is just a bunch of talk. However Healthcare is the number one cost to employer's aside from payroll. The low wages in Walmart also reflect the type of jobs that they offer🙁 It really puts a strain on any economy however on the plus side it does lower unenployment due to the huge job draw.