In 2017, Amazon founder and CEO Jeff Bezos became the richest person in the world with a net worth of over $100 billion. But a new report from the non-profit Policy Matters Ohio shows that Bezos-owned company had 1,430 Ohio-based employees or family members on food stamps as of August last year. [...] One in every 10 of those locals were beneficiaries of the Supplemental Nutrition Assistance Program (SNAP). The report revealed that Amazon warehouses also receive significant state and local subsidies.
"The state and local tax incentives Amazon receives doesn't include the tens of thousands of dollars its Ohio workers need each month in food benefits," Zach Schiller, a research director at Policy Matters Ohio, said in a release on January 5. "When you consider that, the subsidies are even larger," Schiller said.
That's a letdown you wouldn't have seen mentioned in the giddy coverage of the opening, which has explained how the new store works, how Amazon has spent five years perfecting the technology, and how the company did extensive research on how people really hate standing in lines.
Last year, the world's billionaires made over $462 billion combined -- enough money to end extreme poverty around the globe seven times over. With a new billionaire added to the list nearly every two days, wealth inequality widened, according to a new report from Oxfam.
Forty-two of the richest people in the world now hold as much wealth as 3.7 billion of the poorest people in the world, according to the report, released Monday by the international charitable organization. [...]
According to the Oxfam report, the three wealthiest Americans claim as much wealth as the 160 million poorest people living in the United States. Amazon CEO Jeff Bezos made over $35 billion in 2017 to become the richest man in the world.
Industry experts say the civic leaders initially laughed off Bezos' suggestion, but are now taking it seriously after the executive poured himself a glass of fine bourbon, took one long sip, and simply said, "Thousands of highly skilled jobs that will need filling."