The Walton family, heirs of Sam Walton's fortune made with Wal-Mart stores, rank numbers 4 through 7 on this years Forbes 400 list, the list of wealthiest Americans. While Bill Gates tops the list with $57 billion, the Walton family's combined worth is $89.9 billion.
Of course there is nothing wrong with this family being so absurdly wealthy. No, our objection is that they make their profits on the backs of their workers by mistreating them and paying them poverty level wages. Contrasting a typical Wal-Mart workers wage with the Walton families wealth is mind boggling, and more than a little depressing. For example, it would take someone making $20,000 a year (which is a relatively high wage for your typical Wal-Mart cashier) on million years to net the amount of money one Walton sibling is worth. Of course, they would have to spend nothing in order to actually have that much money after a million years, oh, and they'd have to live for a million years.
Here's an excerpt from The Morning News article:
Jim Walton, son of Wal-Mart Stores Inc. founder Sam Walton, reclaimed a leading spot this year at No. 4 with a $23.4 billion fortune after falling off last year. The 60-year-old is chairman of Arvest Bank Group and Community Publishers Inc., which owns a chain of small daily newspapers in Arkansas and surrounding states.Eldest brother Robson Walton, 64, comes in a close second with $23.3 billion, landing him in the No. 5 spot. He is chairman of Wal-Mart.
Sister Alice Walton came in at No. 6 with $23.2 billion. The 59-year-old heiress has been investing her riches in the Crystal Brides art museum in Bentonville.
Christy Walton and family collectively ranked at No. 7 with $23.2 billion. The 53-year-old is the widow of John Walton, who died in 2005.
Posted by Taylor - September 19, 2008 10:31 AM - In The News
Of course they are rich they dont pay or provide benifits for their employees.
Posted by Gary - September 19, 2008 03:32 PM
This message is for all the union bashers that post on this site. You people claim that unions are like socialism, where everyone gets paid the same no matter how hard they work. Well then how do you people explain the actions of the United States government this past week? Isn't taking over a financially troubled private corporation a socialist act? If the government can step in and help a troubled corporation stay afloat, so can the unions step in and protect workers rights. I think I made my point.
Posted by steve - September 21, 2008 04:17 AM