Walmart operates on razor-thin margins to serve lower- and middle-income households. Apple secures fat margins serving an upper-income clientele. Yet progressive activists cast Walmart as the villain. >>>
So why is Walmart so reviled by progressives when its profits (and prices) are so low that it might earn a “profit day” every 31 days, and its main corporate objective is to provide low-cost merchandise to America’s low- and middle-income households? Every day that a Walmart opens its doors for business, it gives everybody in that local community a raise and makes them better off. On the other hand, why do progressives worship Apple so religiously when its extremely pricey products generate such huge profit margins (more than 7 “profit days” every month) that the company’s stock is worth almost as much as the entire Brazilian stock market? Every day that an Apple store opens for business, it stands ready to extract $24.20 in profits for every $100 spent that day, which seems like a huge transfer of wealth from Apple’s loyal customers to Apple’s wealthy shareholders.