Muckety
 
 
 
 
 

Charting the top and the bottom of the food chain

By Laurie Bennett

October 17, 2013 at 7:51am

Two reports issued this week detailed the extent to which fast-food companies rely on the U.S. taxpayers to supplement workers’ low wages.

A study by researchers at the University of California-Berkeley and the University of Illinois found that 52 percent of fast-food workers relied on at least one type of public assistance such as food stamps and Medicaid. These workers are twice as likely as the overall workforce to depend on government help.

McDonalds logo

One in five families with a member working in the fast-food sector has an income below the poverty line.

A second report, issued by the National Employment Law Project (pdf), found that the 10 biggest fast-food companies in the U.S. cost taxpayers more than $3.8 billion annually in public assistance because workers are not paid enough to cover basic necessities.

Who benefits from government subsidies?

Not just the low-level worker. Company profits, stock prices and executive compensation rise as expenses decline.

The interactive Muckety map above shows some of the wealthiest officers and directors of McDonald’s and its three biggest stockholders - BlackRock, State Street and Vanguard.

All of the individuals (the tan boxes in the map) are multimillionaires.

Donald Thompson, who became president and CEO of McDonald’s in July 2012, received a total compensation package last year of $13.8 million. Directors of the company were paid between $250,050 and $1 million.

The pay package for Laurence Fink, chairman and CEO of BlackRock, was $20.3 million last year. BlackRock was the largest institutional investor in McDonald’s at the time of its last proxy filing, in April, with 6.53 percent of the stock.

Follow Muckety on Twitter Tweet This! Share on Facebook

Click here to sign up for the Muckety Newsletter

 Read related stories: Business · Labor · Recent Stories · Top one percent  

0 Comments

  • There are no comments yet, be the first by filling in the form below.

Leave a Comment

The relationship map to the left is interactive.
• Solid lines are current relations. Dotted lines are former relations.
• Expand items with + signs by double-clicking or by selecting multiple items in the map and pressing the "e" key.
• Move an item in the map by clicking and dragging.
• You can also delete items, separate boxes and save maps. Right-click on the map or select Map Tools for these options.
• Find out more about an item in the map by right-clicking on the item and choosing Information about...
• View map color key.
• This interactive map requires Flash player.


Become a fan of Muckety on Facebook

  • Search for stories
      
    Special Features

Follow Muckety on Twitter Follow Muckety on Twitter
Muckety has no direct connection to most of the people or organizations listed on these pages.
We are unable to forward personal messages or provide personal contact information.
We make every effort at Muckety to ensure that our data is correct and timely. However, relationships are in constant flux and we cannot guarantee accuracy. If you come across incorrect or outdated information, please let us know by email.
© 2017 Muckety LLC