[nathan79]

COVID certainly hasn't been kind to small businesses, while at the same time many large corporations have been posting record profits. They have the resources to adapt in ways that small business owners just can't compete with. They also operate at a scale that allows them to offer goods and services for less than the independent entrepreneur, so they will continue to fill the majority of the demand. The idea of everyone being an entrepreneur sounds great, but in reality most will be unable to find a niche where they can actually compete. We've already seen many people leaving traditional employment and working in the gig economy, but they often end up worse off than before. There is only so much demand for these services, and plenty of people wanting a piece of the pie. These "side hustles" are really meant for students or to supplement a regular income, not replace it.

Other ideas for income, such as being a landlord, only work well until lots of people start doing it. What happens when you have 10 million landlords but only 9 million potential renters? And the typical landlord will need multiple properties in order to make enough income to replace a job.

The top percentile of people in IQ or ability will almost always find a way to be sucessful at business or do something unconventional, the rest of the population will end up fighting for whatever good jobs are left... and those who lose will end up in the gig economy, minimum wage jobs, or social assistance.

 

[Just a Guy]

I can think of 350+ billion reasons to say no, we can’t afford them. Then again, I’m not sags.

 

[sags]

I prefer to think of it as..........I am not you.

 

[Emjay85]

You guys are the cutest

 

[sags]

Walmart made $129B in profit last year, but at least 14,500 of their employees receive SNAP (food stamps) benefits.

McDonald's made $11B in profit, but at least 8,780 employees receive SNAP (food stamps) benefits.

The next companies with large number of workers on federal benefits include Dollar Tree, Dollar General, Amazon, Burger King and FedEx, the GAO found. (Amazon chief executive Jeff Bezos owns The Washington Post.)

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www.washingtonpost.com

 

[MrMatt]

Walmart made $129B in profit last year, but at least 14,500 of their employees receive SNAP (food stamps) benefits.

McDonald's made $11B in profit, but at least 8,780 employees receive SNAP (food stamps) benefits.

The next companies with large number of workers on federal benefits include Dollar Tree, Dollar General, Amazon, Burger King and FedEx, the GAO found. (Amazon chief executive Jeff Bezos owns The Washington Post.)

Loading…

www.washingtonpost.com

How many hours did those staff work?
Were they even available for full time work?

 

[MrMatt]

Wow, more debt

Federal deficit on track to exceed $381B, as spending increases in wake of second COVID-19 wave

The federal government is unveiling a new round of financial supports to respond to the second wave of the COVID-19 pandemic in Canada, as the latest projections show the national deficit is projected to hit a new high: at least $381.6 billion this fiscal year.

www.ctvnews.ca

That's $10k debt per person, or about $15k per employed person.

If every working person worked 2000hours/yr (approx full time), they'd have to pay $7.5/hr to the government to cover the deficit this last year.

The Liberals are clearly out of control.

 

[like_to_retire]

The Liberals are clearly out of control.

MrMatt, you're going to have to start telling us stuff we don't already know.

ltr

 

[cainvest]

MrMatt, you're going to have to start telling us stuff we don't already know.

No kidding ... going into debt while in a pandemic ... shocking!

 

[like_to_retire]

No kidding ... going into debt while in a pandemic ... shocking!

There's a difference between a reasonable debt and ridiculous debt.

I realize the left has trouble with that concept.

It's like Cainvest going out and financing a brand new Bugatti Veyron for 2 million dollars when he should have bought a Ford for $30K.

Do you see the difference now?

ltr

 

[cainvest]

There's a difference between a reasonable debt and ridiculous debt.

I realize the left has trouble with that concept.

It's like Cainvest going out and financing a brand new Bugatti Veyron for 2 million dollars when he should have bought a Ford for $30K.

Do you see the difference now?

ltr

Ya, I know the difference ... they're all going to suck (PC, Liberal, NDP) just in different ways. In any case, someone is always going to whine (some continuously) that their party didn't get in. FYI, I didn't vote Liberal.

 

[robfordlives]

Very concerned at this Fall fiscal update. Why is it necessary to use words like feminist and intersectional? Have the Woke Left overtaken the Liberal Party of Canada? Are there no males suffering in the COVID world?

 

[MrMatt]

MrMatt, you're going to have to start telling us stuff we don't already know.

ltr

Well they just announced these numbers in the latest update today.
While you already know that the Liberal spending is out of control, it is at a higher level.

Of course the announcements that they want to embark in even more massive programs we couldn't afford in good times, and we definately can't afford now.

 

[andrewf]

Walmart made $129B in profit last year

Wrong. 2019 net income was 15B.

McDonald's made $11B in profit,

2019 net income was $6B.

You're looking at gross profit, which is wrong. It is actually so wrong that in Walmart's case, you used the number before they paid their employees. Selling General and Admin expense includes the cost to run their stores, pay their staff,etc. and it cost them $109B of that $129B gross profit (just the money they made over the purchase price of the goods they sold).

I wonder how much of this kind of 'burn the rich' socialist talk is motivated by fundamental lack of understanding of how businesses work and financial reports. Walmart made a net income of $15B on 523B in revenue. That's just 2.86% net income margin. You can only raise their SG&A (~cost to run their stores) by about 14% before they start to lose money, or need to raise prices/eliminate jobs to stay in business.

It's fine to say you want $25/hr minimum wage, but realize it won't be the evil capitalists that will eat that increase. You will start paying $3.50 for the Timmies double double etc.

 

[sags]

Very concerned at this Fall fiscal update. Why is it necessary to use words like feminist and intersectional? Have the Woke Left overtaken the Liberal Party of Canada? Are there no males suffering in the COVID world?

Why use words like "woke left" ?

 

[sags]

Wrong. 2019 net income was 15B.


2019 net income was $6B.

You're looking at gross profit, which is wrong. It is actually so wrong that in Walmart's case, you used the number before they paid their employees. Selling General and Admin expense includes the cost to run their stores, pay their staff,etc. and it cost them $109B of that $129B gross profit (just the money they made over the purchase price of the goods they sold).

I wonder how much of this kind of 'burn the rich' socialist talk is motivated by fundamental lack of understanding of how businesses work and financial reports. Walmart made a net income of $15B on 523B in revenue. That's just 2.86% net income margin. You can only raise their SG&A (~cost to run their stores) by about 14% before they start to lose money, or need to raise prices/eliminate jobs to stay in business.

It's fine to say you want $25/hr minimum wage, but realize it won't be the evil capitalists that will eat that increase. You will start paying $3.50 for the Timmies double double etc.

My post was accurate, but you did prove my point.

Of course Walmart's accountants deploy all kinds of tax dodges and loopholes, legal and often illegal, to reduce their taxable income to the lowest possible number. It is a testament to their skills that they can turn $169 Billion in profits into $6 Billion in "net" income. That is the game they play.

That is nothing new for Walmart. They have been doing it for years. Any google search shows they got caught in Mexico, set up shady corporations in Hong Kong and have offshore accounts in tax havens all over the world, and no doubt there is a lot more that hasn't been found.

I don't pretend to understand Walmart's balance sheet. That would take teams of expert forensic accountants to dig through it and follow the money trail.

 

[sags]

Finance Minister Freeland said......

"Spending roughly three to four per cent of GDP, over three years, our government will make carefully judged, targeted and meaningful investments to create jobs and boost growth."

Freeland said the stimulus program will help guard against long-term damage to the economy. She said government debt is highly affordable now, due to Canada's strong past economic performance and low interest rates.

Canada restructured the national debt for longer periods at lower interest rates. The cost of servicing the debt is lower today than it was before the pandemic.

 

[MrMatt]

My post was accurate, but you did prove my point.

Of course Walmart's accountants deploy all kinds of tax dodges and loopholes, legal and often illegal, to reduce their taxable income to the lowest possible number. It is a testament to their skills that they can turn $169 Billion in profits into $6 Billion in "net" income. That is the game they play.

That is nothing new for Walmart. They have been doing it for years. Any google search shows they got caught in Mexico, set up shady corporations in Hong Kong and have offshore accounts in tax havens all over the world, and no doubt there is a lot more that hasn't been found.

I don't pretend to understand Walmart's balance sheet. That would take teams of expert forensic accountants to dig through it and follow the money trail.

You claim they had 169 billion in profit, but you don't understand their balance sheet?
Since when is paying staff a "tax dodge" or "loophole"?

 

[MrMatt]

Why use words like "woke left" ?

To differentiate between the crazy racist/sexist left, and normal lefties.

 

[cainvest]

You claim they had 169 billion in profit, but you don't understand their balance sheet?
Since when is paying staff a "tax dodge" or "loophole"?

I don't thinks sags is interested in factual information, just attention grabbing numbers like many bad reporters use. In this case he should have just stated Walmart "raked in 514 billion last year" or "takes about 1 trillion dollars from people every two years".