Walt Disney’s Robert Iger has threatened to resign from the President’s Council of Advisors after President Trump decided to walk out of the Paris Climate Change Accord. I recalled this interesting factoid about Walt Disney Co.,
This past march, Walt Disney Co. settled a claim by the Department of Labor that it had violated the law by deducting the cost of uniforms from employees’ wages—which brought the workers’ pay below the federal minimum wage. The violations, which occurred at Disney facilities in Florida over the past few years, didn’t add up to a lot of money. Disney will pay back wages of $3.8 million to 16,000 workers (about $230 per employee). What made the story galling is that the entire expense is roughly in line with what Robert Iger, Disney’s CEO, earns in a single month. Last year Iger netted $44 million. [Link]
Of course, the CEO of the company that does God’s work has also threatened to leave the Council. Quite.
BTW, did you know that
European countries that pursued aggressive reductions were engaging in economic masochism. According to a 2014 Manhattan Institute study, the average cost of residential electricity in 2012 was 12 cents per kilowatt hour in the U.S. but an average 26 cents in the European Union and 35 cents in Germany. The average price of electricity in the EU soared 55% from 2005 to 2013.
Yet Germany’s emissions have increased in the last two years as more coal is burned to compensate for reduced nuclear energy and unreliable solar and wind power. Last year coal made up 40% of Germany’s power generation compared to 30% for renewables, while state subsidies to stabilize the electric grid have grown five-fold since 2012. [Link]