Wednesday, January 23, 2013

Walmart Royalty

The Walton family makes money the old fashioned way.  They inherited it.

[Although the founder Sam Walton was an entrepreneur, succeeding generations represent a kind of feudal dynasty, largely based on inherited wealth.

Analysis of data from the Survey of Consumer Finances indicates that, in 2010, the Walton family controlled assets equivalent to those of the bottom 42 percent of American families.

This Arkansas aristocracy may feel a certain noblesse oblige. Offering to give jobs to all veterans honorably discharged on or after the plan’s announcement on Jan.15 is a patriotic gesture, even if it is sweetened by substantial tax credits.

The company values loyalty and its hierarchical management structure may look familiar to men and women who have participated in the armed forces.

However, most veterans taking up Walmart’s offer will have to tighten their belts. An Army private first class, with four years’ experience, earns a base pay of $24,178. The average active-duty service member receives a total benefits and pay compensation package worth $99,000 a year, because of substantial in-kind benefits in the form of housing, health care and food.

The average wage for a full-time hourly Walmart associate in the United States is $12.57, which adds up to $26,108 a year at 40 hours a week. But the primary benefits Walmart offers are slim: a health-insurance plan with high deductibles that workers can choose to sign on and contribute to, and a 10 percent discount on store purchases. As a result, Walmart workers make more use of public health and welfare programs, such as food stamps and Medicaid, than other retail workers.]

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