$150,000 a week for groceries
Jun. 29, 2011 12:21 pm
Updated: Jul. 1, 2011 5:53 pm
I just finished reading Candie's Blog, "Grocery shopping...the day before" where she humerously attempts to create a 2 week menu/shopping list knowing full well she only has $200.00 to spend on groceries. I'm a bit luckier - not much, but a bit.
Which made me think of several recent news articles I've read which warn us poor consumers to watch out as several name brand companies planned on price increases this year. So a did a little research:
Hershey prices to increase 9.7%
**2011 1st Quarter Earnings up 11.1% with dividends of $0.70/share
**2010 CEO salary: $9.77 million. He owns 2.3 million shares of stock. That's another 6 1/2 million (give or take a few spare hundred thousands) or around $15,000,000 a year
In their stockholder report, they made mention of the fact that they anticipate consumers will begin to feel effects sometime in 2012 at which point they will a launce strong advertising and promotional plan which should mitigate any potential adverse reaction.
Coca Cola prices to increase 3%
**2011 1st QE up 40% with net revenue of 10.5 billion. B.I.L.L.I.O.N.
**CEO salary 7.55 million and he owns 17.3 million shares.
Shareholders rec'd 0.82/share - THIS QUARTER - so - let's see - that's another 56.7 million or a total of around $64,000,000 a year for that one (reiterate ONE) person (I forgot to write down his name)
Heinz prices to increase 5.5% (primarily ketchup & ore-ida potato products)
**Sales up 6% to $2,89 billion (there's that word again), but they plan on eliminating roughly 1000 jobs. They're proud of the fact their dividends have doubled since 2004 to 0.48/share.
**2010 CEO Salary: 5.50 million and he owns 36.1 million shares of stock. Hmmm, let me count on my toes here .... oh - only takes home around $74,000,000. A year.
McDonalds, Kraft, Smuckers, Nike - they're all raising their prices this year. But I'm simply too tired, too angry, and too frustrated to bother with looking up their financial detail (oops - I lied - let me throw in one more:
McDonalds (proudly promoting to their investors anticipated continued high growth as "value, convenience and menu should keep luring diners back to the Golden Arches")
**Sales up 9% / $1.15 a share in earnings
**CEO 15.46 million - owns 11.1 million shares of stock = $66,000,000.
(takes a deep breath a sighs)
Presently, around 11% of our gross income goes directly for groceries and absolute household necessities. Apply that percentage to those salaries -
I believe in capitalism and I certainly have no problem with making an honest living, reaping your just rewards, etc - - - but there's a point when you have to stop and say enough is enough. Is it truly right for one individual to make so much? One individual
making $70,000,000.00 a year while a co-worker at the same facility makes $28,000.00? Maybe it is - I don't know.
But *this consumer* won't be buying ANYTHING from any of these companies in the future ...