Robert Reich: Jeff Bezos' net worth vs. the US mininum wage

[FakeNoose]

Link to tweet

Robert Reich
@RBReich
Jeff Bezos net worth in 2009: $6,800,000,000
Jeff Bezos net worth in 2021: $191,300,000,000

Federal minimum wage in 2009: $7.25
Federal minimum wage in 2021: $7.25

If this doesn’t convince you our economy is rigged, nothing will.
6:02 PM · Aug 26, 2021

[AZSkiffyGeek]

1. Doesn't Amazon start at $15/hr?

Maybe a better target to complain about not paying workers enough?

[FakeNoose]

2. He was Secretary of Labor under Bill Clinton

I think he still does a lot of research and consulting on the national scene. I believe his focus is more on the federal minimum wage than on particular wealthy individuals. Jeff Bezos is just an easy target.

[quaint]

3. For regular employees, not contracted staff.

[Caliman73]

8. Sure. Amazon pays 15. If wages kept up with the cost of living, it would be about 24/hr.

The point is that Bezos is exorbitantly wealthy, yet has fought tooth and nail NOT to have to pay his workers well, has done everything in his power to crush Unions in his shop, and to keep working conditions as they are.

The purpose of Reich's post was not just to hit at Bezos, but to point out that the whole US economy is rigged in favor of the wealthy.

Look at it another way.

Workers at Amazon get a little more than twice what they got in 2009. From $7.25 to 15/hr. Bezos' wealth as increases from 7 billion to 191 Billion, so he made about 27 times more than he made back in 2009. I am sure there are many more targets of wealthy people who made 10 or 20 times more than the average worker over that time period, but Bezos is high profile. People recognize the name.

[Tadpole Raisin]

4. So in other words minimum wage today should be 200/hour?

That sliver of pie re: wealth disparity in America is too thin to cut now.

I couldn’t find a good pie chart to display. I remember seeing some demonstration where they had people cut a pie to indicate the slice for different populations. No one wanted to talk about wealth inequality but when they had a chance to have pie they did. Everyone got it wrong!

[FakeNoose]

6. I don't think he's saying that

Why do the executive salaries in American business companies keep climbing steadily, when they're already earning 500x more than the average American workers make?

In certain European countries the salary gap is such that executives are only allowed by law to make 8 to 10 times more than the average workers. If the CEO wants a higher salary, he has give all his workers a raise first. But the point is they are sharing the wealth honorably, so everyone is motivated to do more. That kind of thinking disappeared from the US 50 years ago.

[Tadpole Raisin]

9. I know, but making the comparison by showing what the minimum wage would be if increased by the same

Factor just shows how crazy the wealth inequality is.

I think a lot of the anger of the middle class on down is misplaced because they have lost a lot over the decades (I too remember when bosses earned no more than 6-8x the average worker salary) and don’t understand what happened.

The fact they can’t see how much wealth has been stolen from them, pitting Americans against each other, floors me. If Biden could make the changes that would give back wealth to the average person by reversing some of these trends I don’t know if republicans could hold on to their power.

We are witnesses to how this will play out.

[FakeNoose]

10. In that case, I do see your point

Well done!

[sanatanadharma]

5. We do not have to compare Bezos to Bezos' workers for this to be convincing...

We do not have to compare Bezos to Bezos' workers for this to be convincing.

The economy is not a lot of separate amazonian enterprises. It is a vast tapestry of inter-woven strands of needs, desires, locations, abilities and actions.

A person's wealth (lets say Bezos) is not built without the infrastructures of the many and the larger economies that are integrated on macro levels.

Bezos, nor anyone else, does not build and operate their own international trade routes, roads, airports, armies, police, courts and ports (more) needed for a successfully functioning micro economic-sector (e.g. Uber) or a major economic monopoly (choose your own face of wonted wealth).

[leftstreet]

7. +1

Nicely stated

[Xoan]

11. Ditch the rich ...

every last one of them.

[FakeNoose]

12. Make them pay their fair share of taxes

They've already received all or most of the benefits.

[jimfields33]

14. Maybe it would be better to tax now then when they sell. May have everyone pay

Taxes annually on the stocks they own in all monetary funding.

[jimfields33]

13. If I were Bazos, I'd cash out my shares of Amazon.

Why should he have to be criticized all the time. He could cash out and live nicely on the money.