Thread by @MollyKinder

🚨 🚨 New @brookingsmetro post from @StatelerLaura & me:

"@Amazon & @Walmart have raked in billions in profits during pandemic & shared almost none of it w/ their workers."

We compare 1st-of-its-kind data on profits, #HazardPay & billionaire wealth. 1/

brookings.edu/blog/the-avenu…

Despite earning $10.7 billion in *additional* profit during the pandemic compared to last year, and generating enormous shareholder wealth, @Amazon and @Walmart were among the least generous of the 13 companies we studied in our Nov report.

brookings.edu/essay/windfall…

In fact, 2/

Both Walmart and Amazon could have quadrupled the #hazardpay they gave their frontline workers this year and *still* have earned more profit than last year.

This staggering imbalance between profits and people stands in stark contrast to many of the companies' competitors. 3/

I remain stunned at this:

The fortunes of Jeff Bezos (the world's richest man) & three Walton siblings (Walmart heirs & country's richest family) grew $116 billion during the pandemic -- 35 times *ALL* the hazard pay to *ALL* 2.5 million Walmart & Amazon frontline workers. 4/

By year end, an entry-level, FT Walmart associates will have earned just $0.73/hr extra, or a 6% pay bump. The 3 Walton siblings' wealth, in comparison, grew > $6 million/hr. Amazon associate will have earned $0.99/hr, a 7% bump, while Bezos earned >$11 mill/hr & stock up 70% 5/

Many competitors of @amazon and @Walmart have been far more generous to their frontline workers -- w/ less additional profit to pay for it, and w/ a lot less fanfare.

For example, extra COVID pay at @BestBuy was 4.5 x more generous than Walmart and 3x more than Amazon. 6/

COVD-19 pay at @Target, @HomeDepot and @Costco was 3x Walmart and more than 2x Amazon.

For example, compared to Walmart & Amazon's many TV ads lavishing praise on their "hero" workers - corporate.walmart.com/newsroom/video… Costco drew no attention to their much more generous #hazardpay. 7/

In fact, Costco was so low-key about their generosity that we didn’t even know it had sustained its extra $2/hr #hazardpay throughout pandemic until a proud Costco employee read our November report and informed us. Quietly, the company spends $14 mill/week on extra pay. 8/

We quote Leah, a Walmart associate who did not want to use her real name..

“It is really pennies that you are giving me to risk me & my family’s life. Is it worth taking the risk? At the end of the day, I am making you a rich person and I am putting myself at jeopardy.”

9/

Our economy is badly broken when billionaires earn staggering pandemic fortunes, while #essentialworkers barely make ends meet & families teeter on the brink.

Now is the time for change, starting w/ @amazon @walmart sharing their profits w/the workers who make them possible. 10/

cc @MaxwellMB2 @McCarthyEdWork @MaryKayHenry @HBoushey @EJDionne @RichardvReeves @genebsperling @SenSherrodBrown @RachelKorberg @AlecMacGillis @joelle_gamble @greenhousenyt @arindube @mioana @saritasgupta @LipstickEcon @abhabhattarai @JuddLegum @AnandWrites @jamieson @sapna