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.”
Trump attacks 2 GOP governors on flight to Georgia rally: ‘Republicans will NEVER forget this’
Republicans have been "working frantically behind the scenes" to keep President Donald Trump on message during his Saturday campaign rally in Georgia, but the efforts do not seem to be working.
GOP strategists hoped Trump would make the case for the two GOP senators in the January runoff elections that will decide control of the U.S. Senate, but Trump has continued to fixate on his delusions that he won the presidential election.
Aboard Air Force One on the flight to the rally, Trump attacked two GOP governors: Brian Kemp of Georgia and Doug Ducey of Arizona -- and seemed to threaten political retribution for the pair not going along with the president's debunked conspiracy theories about the election.
Trump holds large rally in Georgia — one day after the Peach State set a new coronavirus record
President Donald Trump departed the White House on Saturday for an evening campaign rally in Georgia -- despite the coronavirus pandemic.
Trump is ostensively making the trip to support Sen. David Perdue (R-GA) and interim Sen. Kelly Loeffler (R-GA) in the January runoff elections that will decide control of the U.S. Senate. However, Republicans fear Trump will use his speech to continue bashing GOP Gov. Brian Kemp.
Trump's visit also comes against the backdrop of the coronavirus pandemic.
Panicked Republicans ‘working frantically behind the scenes’ — but Trump just keeps attacking GOP Gov Brian Kemp
Republicans are worried that President Donald Trump will pour gasoline on the intraparty inferno burning in Georgia.
Trump is officially traveling to the Peach State for a rally in support of the two Republican senators in January runoff elections that will decide control of the U.S. Senate.
Republicans worry Trump will continue to attack Republican Gov. Brian Kemp as he has on Twitter.
"Trump is to headline a campaign rally for Sens. David Perdue and Kelly Loeffler in the state Saturday night — his first major political event since before the Nov. 3 election. GOP officials are working frantically behind the scenes to try to keep the president on script at the rally, worried that he will use the forum to attack Kemp and other state GOP officials who have resisted his pressure, according to a person familiar with the discussions," The Washington Post reported Saturday.