A community for those who want to end work, are curious about ending work, want to get the most out of a work-free life, want more information on anti-work ideas and want personal help with their own jobs/work-related struggles.
The new place for c/antiwork@lemmy.fmhy.ml
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Date Created: June 21, 2023
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An $11,000 wage increase is ~$5/hr for a full time employee.
Starting pay at Startbucks is around $15/hr. They're famously stingy with full-time though, so in reality it is quite a bit more than a 25% increase.
Honestly, I was expecting to find some glaring error in the logic on this but I don't really see it.
The glaring error is this screenshot is listing an income figure that is comparable to the 2022 total revenues in the 2022 fiscal report.
https://www.macrotrends.net/stocks/charts/SBUX/starbucks/ebitda
It looks like Starbucks 2023 EBITDA was $7.3 Billion and the net income was $4.1 Billion.
The post makes a good point, but uses garbage data. Why do they do this? Although an $11,000 raise would elliminate the actual net earnings figure.
There it is. I kept finding investor reports claiming the same 25 bil number as the net profit, but that's just goofy if their actual bottom-line was under 5.
And that $11,000 figure is now about 6x too big. Meaning we're talking about a less than a dollar raise. Not to even mention ebida is STILL more than bottom-line profits.
Why do they do this?
Incredibly frustrating.
Should we form an eat the rich union, obviously.
Is sharing garbage data on social media the way to get there, no! Real data (like on wealth concentration) is offensive enough!
I did the math, too, and came to the same conclusion.
I'll just be over here eating cake, like a good sans-culottes
Yeah, this inflationary period shows that it has to do with profit-seeking and not monetary supply. We made the money printers go BRRRRR for a very long time with almost no inflation, then suddenly COVID and supply chain hiccups gave corporations an excuse to transfer more of society's wealth to themselves by raising prices and not lowering them again afterwards.
Can't expect change when all we elect are wealthy people who care more about their stock portfolios than their constituents.
Yup. Itβs pure insanity that most of Congress is made up of lawyers & businesspeople.
B-b-but I was told that paying employees more would cause inflation!
I'm pretty sure the last couple of years has been mass rich fuck retaliation for pushing some fast food workers wages to $15/hr.
This is garbage data. Learn the difference between revenue, gross profit, and net profit.
Ok. $36 biliion consolidated net revenue reported at a 16% profit margin for fiscal year 2023 still leaves $5.76 billion in money that went somewhere after everyone was paid, taxes were ~~avoided~~ paid and all approved expenses were handled.
Edit: adding source https://investor.starbucks.com/press-releases/financial-releases/press-release-details/2023/Starbucks-Reports-Q4-and-Full-Year-Fiscal-2023-Results/default.aspx
WILL SOMEBODY PLEASE THINK OF THE SHAREHOLDERS???? HOW CAN THEY SURVIVE WITHOUT THEIR (checks Starbucks earnings sheet) $4B IN NET EARNINGS!?!?
Teach me papa
All together it's $528.773 billion! That's $66 for each and every single person on the planet!
What even the fuck.
It's even worse: corporate profits are driving price inflation.
Proper Inflation sees both prices and salaries go up, so isn't all that bad for most people (unless it goes all the way to hyperinflation) because people aren't actually losing purchasing power as they do with just price inflation.
Came here to say this too, so I hope it's okay if I elaborate.
Politicians and corporations love to conflate cost of living increases with inflation. Not every price increase is due to inflation. Only price increases that are due to increased customer buying power are inflation. Taxes don't 'drive inflation' they slow it, because they reduce customer buying power. Taxes DO increase cost of living (if they aren't used to fund services that reduce cost of living).
Corporations love to point at price increases and just 'inflation'. Politicians love to say
we're getting tough on inflation, our policies limited it to just 5% (or whatever).
When sure maybe inflation is just 5% but total cost of living has gone up much more, which is the actual problem.
Inflation typically only hurts people on fixed incomes. Hyper inflation, where inflation is so severe that markets can't set prices and people lose faith in money altogether, is obviously a problem but it takes a lot more inflation than what we're seeing.
When do we start burning shit.
I keep asking people to join my radical and extremely poorly regulated militia but everyone thinks it's a joke for some reason.
To borrow some investor speak: "Past performance is no guarantee of future results." However in this case, it absolutely does. The drive to squeeze even one more drop of blood is relentless and in many cases it's required. Boards must do what's best for the company or they risk lawsuits from shareholders. They cannot deviate from a maximum-extraction plan (either profits or market share) without very good reasons. Each one of those companies has to do better year over year, or explain to the board/shareholders/media/etc why they did not.
How they get those profits up can be cutting pay, "restructuring" (layoffs), optimization, price increases, cheaper supply, better methods, etc. Most of this list will be the same next year and the numbers will be higher. Hate the game.
It's perfectly evil system as nobody has to take moral accountability. The board has to make the best decisions for the shareholders and the shareholders don't run the company, just invest in it. It's what my mind goes to when oil companies claim that they are doing their part for climate change.
Why is this list not sorted? Am I the only one confused by this?
It is sorted, it's a list of "gigantic asshole companies" they just all tied for first.
:P
Revenue does not mean gross profit. Gross profit does not mean net earnings. The numbers this person posted is the money the conpany gets before any operation costs. This means this is how much the product sold regardless of how much it costs to produce, package, ship, r&d, worker cost, etc. This meme has to stop its poisoning your brains
These numbers are gross profit. A quick search would verify this for yourself.
You seem to misunderstand what gross profit is because you decided to make a weird word salad.
Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services.
So the numbers are relevant. It's not worker wages that are the driving inflation. It's not government handouts driving inflation. It's corporate profits that are driving inflation
Gross profit is NOT how much money a company makes after all costs. This is the basic misunderstanding. Here is an example
Kraft Heinz Quarterly Revenue
2023-09-30 $6,570
2023-06-30 $6,721
2023-03-31 $6,489
2022-12-31$7,381
TOTAL: 27.161B
Kraft Heinz Quarterly Gross Profit
2023-09-30 $2.235B
2023-06-30 $2.261B
2023-03-31 $2.113B
2022-12-31 $2.364B
Total: $8.973B
Kraft Heinz Quarterly Net Profit
2023-09-30 $262M
2023-06-30 $1,000M
2023-03-31 $836M
2022-12-31 $890M
Total: 2.988B
https://www.macrotrends.net/stocks/charts/KHC/kraft-heinz/revenue
For clarification, I'm not saying I'm against increasing labor pay. I am just saying the numbers used are misleading.
But only some numbers. Apple's, for instance, is net profit from what I can see. Heinz isn't. I haven't looked into any more of them, but they're just inconsistent.
Crappy posts like this bug me so much because it makes "my side" look like we're full of shit. There are mountains of true and verified facts to support the conclusion that workers should be paid more and corporations are ruthlessly greedy.
This exactly. We don't need to fluff or bullshit numbers just to prove that corporations are fucking over their labor and the customers.
Ah yes, the famous Walmart, having 2 times the profits of Apple but costing 5 times less in stock.
The picture totally makes sense, no questions asked.
Stock price is not inherently tied to profit. That is why p/e ratio exists. Also different industries can have different p/e ratios. Not even this holds though. Tesla's p/e is OOM more than Toyota, but Toyota has higher profits and sells more cars.
Surely Starbucks have more employees than that? Are they all franchised or something?
The company that owns Huggies Diapers managed to reduce costs of production multiple years in a row while raising prices for consumers at the same time.
Dafuq Apple is doing
Convincing people they need to buy basically the exact same shit yearly.
And fighting a lot of lawsuits involving their planned obsolescence and monopoly so they can keep it that way.
I find it kinda ironic that apple users upgrade every year, cause iPhones can last forever, thatβs the very reason I use it, my cousins 11 pro is still going very strong, and I plan to use mine atleast until I break it or Apple ends support
cause iPhones can last forever, thatβs the very reason I use it
Not quite forever, but I went from a 6s to a 14. Had to change the battery a couple of times but other than gradually getting slower it was fine (until OS support was dropped).
These numbers are gross profit I believe. You can have $100B in gross profits and $100B in costs, netting $0. Better to show EBITDA and make your point that way.