Economics 101

Posted on January 28, 2014 10:00 pm

[High Praise! to The Looking Spoon]

[title reference link]

Send to Kindle
1 Star (Hated it)2 Stars3 Stars4 Stars5 Stars (Awesome) (7 votes, average: 4.71 out of 5)

16 Responses to “Economics 101”

  1. zzyzx says:

    So, Walmart would lose 25 billion dollars, no problem, now the Obama Administration would have the perfect excuse to give Walmart 40 billion in government bailouts…after all, to big to fail and what not!

  2. Burt says:

    Am I supposed to remember that? should I right it down? is there gonna be a quiz on Friday? I hate math.

  3. slapout says:

    15 – 8.81 = 6.19. There’s a corrected graphic here: http://iowntheworld.com/blog/?p=219950

  4. zzyzx says:

    “That’s assuming that all 2M employees are given raises, and all are full time employees. If Walmart basically doubled it’s salaries, it’s profits would also double because it’s employees would have twice as much money to spend back. That would enable Walmart to buy better quality merchandise to offer it’s customers, which would raise it’s profits even further, enabling it to offer even higher salaries to it’s employees. Any questions?” Yes I have a question, did you go to the Stanford School of Economics? ~ zzyzx

  5. NoMoBama says:

    Walmart CEO’s Pay Jumps 14.1 Percent To $20.7 Million!!!!! OMG!! That filthy capitalist pig!

    hmmmm $20 mil/2,000,000 = $10 per employee per YEAR

    average Walmart employee pay = $13,000/year x 12.4% FICA = $3.224 BILLION/year (6.2% employee, 6.2% employER)

    (2009)Before taxes, the world’s largest retailer banked $22.1 billion in profit. After deductions and factoring in its international operations, the company still paid just under a third of that back in taxes to various governments.

    U.S. federal: $5.3 billion
    U.S. state and local: $677 million
    International: $1.1 billion

    so….Federal taxes and social security generated by Walmart alone = $4262 PER EMPLOYEE

    So who’s the one doing the screwing?

  6. Rayfan87 says:

    Although I agree with the sentiment, how many employees are they figuring per store for the 4&5th lines? Obviously not all employees work every day or work an 8hr shift. Anybody who’s worked big box retail will tell you that a shift is more likely to be 4-6hrs and you’ll be lucky to get 5 maybe 6 days a week. While I agree that $15/hr minimum wage for retail is insane, let’s make sure our numbers are correct.

  7. Harvey says:

    And THIS is why I prefer blogs to Facebook.

    On Facebook, everyone would just nod & like.

    You guys… check the math.

    Bacon to you, you awesome math nerds!

    And my apologies for not checking the math (or the premises) myself on this graphic before posting.

  8. FredKey says:

    In any event, Occupods would consider Walmart going out of business a feature rather than a bug. Remember, at heart they want most of us dead.

  9. Iowa Jim says:

    @4 – As somebody holding a degree of Stanford, I would like to point a few things out:

    1. There is no “Stanford School of Economics”. There is a department of economics in the School of Humanities and Sciences. There are also professors of economics in the Graduate School of Business, and possibly in other schools. There are also economists at Stanford’s Hoover Institution.

    2. Milton Friedman was one of the economists at the Hoover Institution, from 1997 until his death in 2006.

    3. John Taylor, a notably conservative economist who publishes notably conservative pieces on economics on the Wall Street Journal’s editorial page, is both a professor in the department of economics and a senior fellow in economics at the Hoover Institution, as is Michael Boskin, who was also chairman of George H. W. Bush’s council of economic advisors. In the interest of full disclosure, I will note that I know John Taylor slightly, having met him at a birthday party for my friend John Shoven, who, interestingly enough, is also a professor of economics at Stanford and a fellow at the Hoover Institution.

    4. I caught the implicit assumption about all two million employees working all the time as soon as I read the piece, but I didn’t read the piece until now.

    There are many things to criticize about Stanford, and I’m not at all reluctant to do so. Its economics department, however, is not among them.

  10. Iowa Jim says:

    “degree from Stanford”, not “degree of Stanford”

  11. Harvey says:

    @9 – I didn’t know the Hoover Institution was related to Stanford. Victor Davis Hanson, who is a frequent guest on Dennis Miller’s radio show, is a member.

  12. Iowa Jim says:

    @11 – Victor Davis Hanson also took his PhD from Stanford (1980, in classics). The Hoover Institution was founded by Herbert Hoover, who was a Stanford graduate. The building which originally housed it, and, I think, still houses some of it is known as Hoover Tower. Stanford students are fond of shortening the names of things on campus, so it is frequently called “Hoo Tow”, or, less reverently, “Hoover’s Last Erection”. Do a search for a picture of Hoover Tower on the web and you’ll see why. I’m not somebody who frequently calls things phallic symbols, but I’l make an exception for Hoover Tower.

  13. Harvey says:

    @12 – Huh. Red dome on top… did NOBODY like Hoover well enough to say something while it was still in the design stage?

  14. blarg says:

    8 hour day??? Many Walmarts are open 24 hours a day.

  15. dontplayrockytop says:

    8 hours per employee per day. That’s the correct way to do this, I think, and also addresses Jim’s observation in post #9, item 4.

    Good Lord, now we’re dissecting blog comment sub-items. Somebody shoot me.

  16. Stloucat says:

    @12 – good gawsh, got a good laugh out of the irreverent nickname. Thx.

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>