Dan Price is the CEO of the online credit card processing company Gravity Payments which he started while a student. Dan became famous after he raised his company’s minimum wage to $70,000, and slashed his wage from $1.1 million to $70,000.
On Thursday Dan Price went off on the pandemic lockdowns and how it is ruining small businesses and making the global corporations more powerful.
The Coronavirus may end up killing more jobs and businesses than people.
But why should the tech giants and globalists give a damn?
According to Dan, Amazon is doing great — profit is up 100%, Walmart: profit up 80%, Target: profit up 80%, Lowe’s: profit up 74%, Microsoft, Facebook, Apple, Google: stock at record high.Small businesses: 21% closed; revenue for rest down 30%. They’re gonna go extinct in the lockdown without help.
Wealth increase in the pandemic for founder/CEOs of Amazon: $91 billion, Walmart: $38B, Google: $37B, Microsoft: $33B, Facebook: $28B, Nike: $8B, Apple: $8B. Small businesses: collectively lost over $200 billion. We’re witnessing a record wealth transfer
MLB owners have laid off hundreds of workers. Yes, their revenue fell last season.
But in the last decade, the average team value has grown 277% to $1.9 billion, while revenues grew 204%
Why didn’t those billionaires save like regular people are told to?
Amazon, led by the richest person in U.S. history:
*Paid 0 federal income tax in 2017/2018 and 1% in 2019
*Received $3 billion in taxpayer subsidies for local offices & warehouses
*Top recipient of food stamps & Medicaid for employees, meaning taxpayers subsidize low pay/benefits
Amazon: profit tripled, axed $2/hour bonus in May
Kroger: sales up 30%, workers got $100 store credit
Walmart: Walton wealth up $38B, workers got $300 bonuses
Dollar General: $2.6B stock buybacks, workers got $173M
They’re not essential
When a regular person goes broke, “they shouldn’t have bought an iPhone or avocado toast”
When a billionaire with 3 yachts, 5 mansions and a near-zero effective tax rate lays people off, “that’s just the economy”
Billionaires know how to play the game
Bezos just got dozens of glowing stories for donating $791M against climate change. Most didn’t mention
*70% of Amazon political donations go to climate deniers
*Amazon paid 0 income tax 2017-2018 & 1% in 2019
*Donation = 0.4% of his fortune
Uber + Lyft spent $200 million in ads to convince Californians they shouldn’t pay drivers minimum wage or benefits. It worked: the measure passed.
In the two weeks since:
Uber: stock up 39%, or $24.7 billion
Lyft: up 52%, or $4.3B
Spent $0.2B to get $28B
Corporate fraud leads to a 2.3% increase in robbery and theft in the company’s area (often due to layoffs)
Street crime cost to Americans: $18B a year
Corporate fraud cost: $360B a year
Police budgets: $115B
Corporate crime police budget (SEC/IRS): $7B