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Archive for November 23rd, 2010

Whole Foods’ John Mackey Is Scum. Discuss.

Posted by Phoenix Woman on November 23, 2010

Tip of the hat to Blue Texan for passing this along:

Last August, John Mackey, the founder and CEO of Whole Foods, sparked outrage in the liberal blogosphere and a customer boycott by publishing a full-throated critique of Obamacare on the op-ed page of the Wall Street Journal. He argued that the country should “move in the opposite direction—toward less government control and more individual empowerment,” and held up Whole Foods’ own health plan as an alternative: “Our plan’s costs are much lower than typical health insurance, while providing a very high degree of worker satisfaction.”

But it turns out that Mackey’s claims, which also fueled conservative opposition to the Democrats’ health-care bill, were misleading. In a memo that he sent to all employees last month, obtained by Mother Jones, Mackey concedes that Whole Foods is actually sinking under the weight of its health care expenses. In the past seven years, he writes, the cost of the company’s health care plan as a percentage of its sales has gone up 60 percent. This year’s tab is “equal to about 10% of the total Team Member compensation of $2 billion,” Mackey complains. “On average over the past three years we have spent more on health care costs than we have made in total net profits!”

It gets worse from there. Mackey pleads poverty and plans to cut back on coverage — even as Whole Foods profits shot up 58% in its latest quarter.

And yes, he’s a libertarian, in case you were wondering.

Posted in health care, wrong way to go about it, WTF? | Tagged: , , | 2 Comments »

 
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