Today, our partner organization the National Employment Law Project is releasing a report titled “Big Business, Corporate Profits, and the Minimum Wage.”
You know how the standard talking point among the 1% is that raising the minimum wage is a jobs killer? Why would we put that burden onto small businesses?
Well, NELP’s look at the financial conditions of the top fifty low-wage employers in the U.S. revealed that the vast majority (66%) of low-wage workers are employed, not by small businesses, but rather by large corporations with more than 100 employees.
It turns out that the top employers of low-wage workers have largely recovered from the recession—and most are in an even stronger position than before the recession.
Take a look at the report here:
Here are some key findings of NELP’s look at the top 50 low-wage employers in the U.S..
- 92 percent were profitable last year
- 78 percent were profitable for the past 3 years
- 75 percent are earning higher revenue now than before the recession
- 63 percent are earning higher profits now than before the recession
- 63 percent have a higher operating margin (a measure of profitability) now than before the recession
- 73 percent have higher cash holdings now than before the recession
Over the past five years, the top 50 low-wage employers in the U.S. returned a stunning $174 billion to shareholders through dividends and share buy-backs.
And in the most recent fiscal year, the top-paid executive at each of these 50 companies was awarded an average $9.4 million in compensation – even as many of their employees are paid at or near the minimum wage (just over $15,000 per year).
The 99% need a raise. And it’s easy to see that the 1% can afford it.
Take a look at NELP’s report here: http://www.raisetheminimumwage.org/pages/report-big-business-corporate-profits-and-the-minimum-wage