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Josh Eidelson in Salon.com
Wal-Mart could afford to hike every U.S. employee’s hourly wage to at least $14.89 an hour just by not repurchasing its own stock, according to a new report from the progressive think tank Demos.
“We find that if Walmart redirected the $7.6 billion it spends annually on repurchases of its own company stock, these funds could be used to give Walmart’s low-paid workers a raise of $5.83 an hour, more than enough to ensure that all Walmart workers are paid a wage equivalent to at least $25,000 a year for full-time work,” authors Catherine Ruetschlin and Amy Traub write in the Demos paper, “A Higher Wage Is Possible: How Walmart Can Invest in Its Workforce Without Costing Customers a Dime.” Demos, whose funders include unions, is releasing the paper Tuesday morning.