CEO Pulls Bogus Stunt In Attempt To Discredit Walmart Workers
December 17, 2013
Walmart usually speaks for itself just fine. But that hasn’t stopped a wealthy Wall Streeter from taking up its cause, protesting against higher wages for Walmart workers.
Peter Schiff, the wealthy, libertarian CEO of Euro Pacific Capital Inc., a Connecticut brokerage firm, recently passed some time berating shoppers outside an unnamed Walmart, as you can see in the video, which Schiff released on Monday.
Pretending to act on behalf of Walmart workers asking for higher wages, Schiff asked shoppers to fork over 15 percent of whatever they had just spent at Walmart in support of a $15 minimum wage for Walmart workers. He even created a fake name for the group he pretended to support, “15 for 15.”
Schiff’s real motive apparently was to convince these shoppers that paying higher wages to Walmart workers — an idea many of these shoppers supported — would drive up the prices at Walmart by 15 percent. Walmart workers on Black Friday staged protests around the country seeking higher wages, though not necessarily $15 an hour. One actual pro-worker group, OUR Walmart, is seeking a $13 minimum wage for Walmart workers.
In any event, Schiff’s claim that prices would have to rise 15 percent to cover a $15 wage still doesn’t exactly line up with, how do you say, economics.
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