When billionaire Jeff Bezos cut health benefits on September 13 for part-time workers at his grocery store Whole Foods the richest man in the world saved the equivalent of what he makes from his vast fortune in just a few hours.
That’s according to an analysis from Decision Data’s “Data in the News” series, which found that Bezos could cover the entirety of annual benefits for part-time employees who work less than 30 hours a week with what he makes from stocks and investments in just a fraction of a day.
“Doing a quick calculation with existing publicly available numbers shows that Bezos makes more money than the cost of an entire year of benefits for these 1,900 employees in somewhere between 2-6 hours,” the study says.
The analysis used an estimate that Whole Foods would contribute between $5,000 and $15,000 annually per employee for benefits. At the middle of that range, $10,000, that comes to $19 million a year.
Bezos makes just under $9 million an hour, according to a 2019 Business Insider analysis, which would mean he makes enough money in a little over two hours to cover the benefits he cut. Decision Data used an earlier study which found Bezos makes $4.5 million an hour to conclude he would need approximately four and a half hours to cover the cost.
“CEO worth more than $110 billion cuts health care for 2,000 workers after raking in $9 million an hour,” tweeted economist Robert Reich, citing the 2019 Business Insider figure.
The disconnect between Bezos’ wealth and the cost of the benefits was remarked on by a number of observers.
“Jeff Bezos makes $3,182 a second,” said Jacobin writer Luke Savage.
Presidential candidate and former Secretary of Housing and Urban Development Julián Castro called the move “shameful” and noted that Bezos’ crown jewel, online retailer Amazon, pays nothing in taxes.
“Amazon pays zero dollars in federal income taxes,” Castro tweeted. “Jeff Bezos is the richest man in modern history, and yet they continue to degrade the rights of their workers.”
BUSTED: Newly uncovered White House budget docs undercut one of Trump’s last defenses in Ukraine scandal
President Donald Trump's insistence that he only pushed Ukraine to investigate former Vice President Joe Biden because he was concerned about "corruption" has been one of his primary defenses against House Democrats' impeachment inquiry.
However, the Washington Post has uncovered some White House budget documents that directly undercut the president's defense.
According to the Post, the Trump administration "has sought repeatedly to cut foreign aid programs tasked with combating corruption in Ukraine and elsewhere overseas" even though the White House has insisted that it is laser-focused on promoting good governance in the country.
Rick Perry quickly gets stumped after claiming House impeachment inquiry is breaking the law
Speaking on the Fox Business Network this Wednesday morning, outgoing Energy Secretary Rick Perry tried to dispel speculation that his coming resignation is due to his alleged involvement in the Ukraine fiasco enveloping the White House, saying that he had been planning to resign for "eight or nine months."
Perry jumped right into the subject of the impeachment inquiry targeting President Trump and the fact that his former department will not comply with a House subpoena for documents.
Michael Cohen might have some valuable dirt on Giuliani associate Lev Parnas: report
Much of Vanity Fair journalist Emily Jane Fox’s reporting on Michael Cohen, President Donald Trump’s former personal attorney and fixer, has focused heavily on Trump-related scandals that included hush money payments to women Trump allegedly had extramarital affairs with and Russian interference in the 2016 presidential election. But since Cohen’s incarceration, another Trump-related scandal has come about: Ukrainegate. And Fox, in an article published by Vanity Fair on October 22, describes the ways in which Cohen could possibly help shed some light on Trump and former New York City Mayor Rudy Giuliani’s Ukraine-related activities.