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’s most unhinged supporters paying $5 a pop to use special emojis on YouTube
The pro-Trump cable network One America News is cashing in on QAnon conspiracy theorists on its YouTube channel.
OAN viewers can pay $4.95 a month to become "members" of the right-wing channel, which then allows them to use customized emojis to signal their recognition of the conspiracy theory's lore, reported The Daily Beast.
"It’s not clear how many people have signed up for the OAN YouTube membership, when OAN started offering the emojis, or how many of those sign-ups were driven by the opportunity to use QAnon emojis," writes The Beast's Will Sommer. "But the creation of the emojis reflects a decision to monetize, not expel, the conspiracy believers. If QAnon fans are going to spam QAnon in the OAN comments, it seems the network has decided they might as well get some money out of it."
Former federal prosecutor explains how AG Barr could help Trump steal the election — and take the US to ‘a very dark place’
Between the coronavirus pandemic, civil unrest in major U.S. cities, huge anti-racism protests, bitter political divisions, a heated Supreme Court battle and President Donald Trump’s ruthless voter suppression efforts, the United States’ 2020 presidential election is turning out to be even more chaotic than the elections of 2000 and 1968. Trump has a devoted loyalist in U.S. Attorney General William Barr, and former federal prosecutor Barbara McQuade discusses the effect he could have on the 2020 election in a disturbing op-ed published in the Washington Post on September 22.