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Thread: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

  1. #171
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by poweRob View Post
    I've stated this earlier in the thread but the boss at Costco has said before that that's exactly why he pays his employees so well. Wall Street gives him loads of crap for doing it but his retort is, (paraphrased) "I don't have the shrink loss my competitors do and I don't have the turnover and training costs that my competitors do."
    I just wonder how much the union threat plays into this, however, considering that many of the company's stores are located in union-friendly states like California. They always have to deal with the thought that if they get too stingy a union like the UFCW will attempt to organize their stores and interfere with company operational issues. So where does truth meet public relations, you know what I mean? I don't think Wal-Mart has this problem to the degree Costco does since so many Sam's stores are located in right-to-work states.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by Ahlevah View Post
    I just wonder how much the union threat plays into this, however, considering that many of the company's stores are located in union-friendly states like California. They always have to deal with the thought that if they get too stingy a union like the UFCW will attempt to organize their stores and interfere with company operational issues. So where does truth meet public relations, you know what I mean? I don't think Wal-Mart has this problem to the degree Costco does since so many Sam's stores are located in right-to-work states.
    I don't think the guy feels pressured by unions because he seems to be doing it the way he wants it to be but I wouldn't doubt if he looks to unions to find the standard/level by which he wants to be at.

    And speaking of WalMart stores in California...

    California To Wal-Mart: Enough! No More Taxpayer Subsidized Profits For You

    With Medicaid eligibility about to be expanded in some 30 states, as a result of the Affordable Care Act, Wal-Mart has responded by cutting employee hours—and thereby wages—even further in order to push more of their workers into state Medicaid programs and increase Wal-Mart profits. Good news for Wal-Mart shareholders and senior management earning the big bucks—not so good for the taxpayers who will now be expected to contribute even larger amounts of money to subsidize Wal-Mart’s burgeoning profits.

    Legislation is now making its way through the California legislature—with the support of consumer groups, unions and, interestingly, physicians—that would levy a fine of up to $6,000 on employers like Wal-Mart for every full-time employee that ends up on the state’s Medi-Cal program—the California incarnation of Medicaid.

    The amount of the fine is no coincidence.

    A report released last week by the Democratic staff of the U.S. House Committee on Education and the Workforce, estimates that the cost of Wal-Mart’s failure to adequately pay its employees could total about $5,815 per employee each and every year of employment.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by poweRob View Post
    I don't think the guy feels pressured by unions because he seems to be doing it the way he wants it to be but I wouldn't doubt if he looks to unions to find the standard/level by which he wants to be at.

    And speaking of WalMart stores in California...

    California To Wal-Mart: Enough! No More Taxpayer Subsidized Profits For You

    With Medicaid eligibility about to be expanded in some 30 states, as a result of the Affordable Care Act, Wal-Mart has responded by cutting employee hours—and thereby wages—even further in order to push more of their workers into state Medicaid programs and increase Wal-Mart profits. Good news for Wal-Mart shareholders and senior management earning the big bucks—not so good for the taxpayers who will now be expected to contribute even larger amounts of money to subsidize Wal-Mart’s burgeoning profits.

    Legislation is now making its way through the California legislature—with the support of consumer groups, unions and, interestingly, physicians—that would levy a fine of up to $6,000 on employers like Wal-Mart for every full-time employee that ends up on the state’s Medi-Cal program—the California incarnation of Medicaid.

    The amount of the fine is no coincidence.

    A report released last week by the Democratic staff of the U.S. House Committee on Education and the Workforce, estimates that the cost of Wal-Mart’s failure to adequately pay its employees could total about $5,815 per employee each and every year of employment.
    I doubt that would pass constitutional muster. If it does? Congress should raise the minimum wage to whatever amount is necessary. You know, like if a single guy works there? He makes a certain amount per hour. If it's a married guy with three kids? He gets paid a different wage for the same job. Yeah, that makes sense.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Why hasn't capitalism done it yet then?

    Quote Originally Posted by cpwill View Post
    Agreed. Fortunately, so long as we maintain capitalism, competition between firms will result in those more productive, more successful firms beating out their competition, and replacing them.

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    That's amazing. They should make the.company pay so the taxpayers don't have to. Gee, talk about a corporation trying to abuse the system and make the government pay their expenses.

    Quote Originally Posted by poweRob View Post
    I don't think the guy feels pressured by unions because he seems to be doing it the way he wants it to be but I wouldn't doubt if he looks to unions to find the standard/level by which he wants to be at.

    And speaking of WalMart stores in California...

    California To Wal-Mart: Enough! No More Taxpayer Subsidized Profits For You

    With Medicaid eligibility about to be expanded in some 30 states, as a result of the Affordable Care Act, Wal-Mart has responded by cutting employee hours—and thereby wages—even further in order to push more of their workers into state Medicaid programs and increase Wal-Mart profits. Good news for Wal-Mart shareholders and senior management earning the big bucks—not so good for the taxpayers who will now be expected to contribute even larger amounts of money to subsidize Wal-Mart’s burgeoning profits.

    Legislation is now making its way through the California legislature—with the support of consumer groups, unions and, interestingly, physicians—that would levy a fine of up to $6,000 on employers like Wal-Mart for every full-time employee that ends up on the state’s Medi-Cal program—the California incarnation of Medicaid.

    The amount of the fine is no coincidence.

    A report released last week by the Democratic staff of the U.S. House Committee on Education and the Workforce, estimates that the cost of Wal-Mart’s failure to adequately pay its employees could total about $5,815 per employee each and every year of employment.

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by SheWolf View Post
    Why hasn't capitalism done it yet then?
    A) It has

    B) It is

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by MaggieD View Post
    I doubt that would pass constitutional muster. If it does? Congress should raise the minimum wage to whatever amount is necessary. You know, like if a single guy works there? He makes a certain amount per hour. If it's a married guy with three kids? He gets paid a different wage for the same job. Yeah, that makes sense.
    So... it is your contention that we should make it nigh-on impossible for single parents to find jobs, by making them more expensive to hire?

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by cpwill View Post
    So... it is your contention that we should make it nigh-on impossible for single parents to find jobs, by making them more expensive to hire?
    I was being facetious. What they're trying to do will never pass constitutional muster, in my opinion.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by SheWolf View Post
    That's amazing. They should make the.company pay so the taxpayers don't have to. Gee, talk about a corporation trying to abuse the system and make the government pay their expenses.
    Are Walmart customers not taxpayers? Don't you think Walmart will merely pass the cost of this fine onto their customers? In the end the taxpayer/customer will still pay...and the state government will still get their 'management fee' in the transaction...
    "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure" - 2006 Senator Obama...leadership failure indeed!

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by poweRob View Post
    Legislation is now making its way through the California legislature—with the support of consumer groups, unions and, interestingly, physicians—that would levy a fine of up to $6,000 on employers like Wal-Mart for every full-time () employee that ends up on the state’s Medi-Cal program—the California incarnation of Medicaid.
    This reminds me of the Third Law of Economic Motion: "For every misguided, punitive, anti-business action by an imbecilic government there is an equal and opposite reaction." The way a company like Wal-Mart can solve the problem is simple: First, make sure all of your FULL-TIME workers are the ones who make the dough, like managers; the ones who get the chump-change work part-time. Next, use fewer employees. Instead of hiring someone to restock, say, toilet paper on your shelves, get the guy who distributes for Kimberly-Clark or Procter and Gamble to do it. Put in more self-checkout lanes; they don't use Medi-Cal. Use more subcontractors or independent agents, i.e. people who are not under your direct employment. You could, for example, contract to have Jamaicans or Brazilians--folks who, as foreign nationals, wouldn't be eligible for Medi-Cal--clean your restrooms and shag your carts. They'd stay for a few months and then you'd get a second batch who'd pay their own way for a chance to meet a single Yankee so they could get married, have lots of babies, and achieve the American dream. The Americans who previously cleaned the restrooms would be unemployed and, presumably, permanent members of the underclass and now on Medi-Cal. Problem solved.
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