Creating Millionaire Employees

We must develop business models that create good jobs.
If you don’t want poverty in your community, your businesses must pay living wages with decent benefits. And if you don’t want polluted air, water, and land, your businesses must behave in environmentally sustainable ways.
One business to consider is a privately held, majority employee-owned American supermarket chain based in Boise, Idaho called WinCo Foods. At one store in Corvallis, Oregon, the combined retirement savings of 130 employees roughly comes to an astounding $100 million. And according to a Forbes article:
And that figure is growing rapidly, such that in a few years the average wealth of these employees could easily exceed $1 million. Quite a few individual workers already have account balances above that level…. WinCo has more than 400 front line employees with more than $1 million in their ESOP accounts and hundreds of retirees similarly well set. Each year, it sets aside an amount equal to about 20% of each employee’s pay, in the form of stock, and the value of the underlying shares has risen rapidly, too.
WinCo Supermarket employee Cathy Burch, 42, here with her husband Kevin. In her 23 years at WinCo, she has worked a variety of front-line jobs including checker, shelf stocker, and inventory order.

Millionaire WinCo employee Cathy Burch

Most Americans in her situation have either no savings at all or an account such as a 401k containing less than $50,000, but Cathy owns almost a $1 million in stock.
Center for Urban Agriculture

Center for Urban Agriculture

One of our long term goals is to build a facility similar to the design of the Center for Urban Agriculture. The building will include fields for growing vegetables and grains, greenhouses, and rooftop gardens. It will also include affordable housing. We will use EB-5 financing, Low-Income Housing Tax Credits, and New Markets Tax Credits.
We are currently working with a group of New Rochelle High School students to build a chess-playing robot. This summer we will teach them about using AI for quant finance.
Also this summer, we will begin building personal food computers based on the work of the MIT Media Lab’s Open Agriculture Initiative. The OpenAg Initiative is developing open source “Food Computers.” A Food Computer is a controlled-environment agriculture technology platform that uses robotic systems to control and monitor climate, energy, and plant growth inside of a specialized growing chamber.
Personal Food Computer

Caleb Harper, Director of MIT’s Open Agriculture Initiative, showing students how controlled environment plant-growing works.

Security tokens will dominate the blockchain universe!
Ask, and it will be given to you;
Seek, and you will find;
Knock, and it will be opened to you.
~ Matthew 7:7

Click the image above or below for
A rough draft of Seven Magazine.

And if you give yourself to the hungry
And satisfy the desire of the afflicted,
Then your light will rise in darkness
And your gloom will become like midday.
~ Isaiah 58:10
Silicon Valley is missing a ‘big opportunity’ because it doesn’t understand poor people – Medicaid chief
  • Medicaid’s chief medical officer Andrey Ostrovsky said Silicon Valley has a long way to go to evolve its health care thesis
  • Most health apps are targeted to healthy, wealthy populations rather than on low-income groups.
  • There are many huge IT businesses to be built that improve outdated technology processes for Medicaid
Andrey Ostrovsky

Andrey Ostrovsky

Silicon Valley might be hunting unicorns in the wrong places.
According to one top federal health official, entrepreneurs and investors are overlooking one massive population: Low-income Americans who qualify for Medicaid.
That’s a big mistake, given that new funds are available for those that are bringing IT innovation to the space, said Medicaid chief medical officer Andrey Ostrovsky.
“My gut is that it’s a big opportunity with $500 billion in federal spend every year in a system that hasn’t evolved technologically much since 1965,” Ostrovsky said.
Harlem Unemployment Pays for Midtown Luxury
A 1990s-era cash-for-visas program was designed to lure foreign investment to distressed communities. Instead, it subsidizes luxury real estate.
By the time the mid-2020s roll around, the Hudson Yards development will have completely upended New York City. Sixteen skyscrapers, one taller than the Empire State Building, will encompass more than 17 million square feet of new residential, commercial, and retail space.
At a total cost of $25 billion, the new heart of New York may be the biggest real-estate undertaking in American history. Hudson Yards is also a milestone for another reason: This city-within-a-city is likely to be the single greatest beneficiary of the EB-5 immigration program in the country. The developer for Hudson Yards, Related, raised more than $600 million in its first phase through the EB-5 Immigrant Investor Program, which essentially allows foreign investors to trade capital for visas. Phase two is targeting another $600 million.
How in the world did a program designed to draw badly needed economic development to disinvested neighborhoods wind up paying for skyscrapers in Manhattan’s glitziest new haunt?
Hudson Yards map

The Census tracts used to qualify Hudson Yards as a TEA for its second round of EB-5 financing in 2016. Public-housing projects along the route helped to reach the necessary aggregate unemployment figure to quality for a lower investment threshold. (Mark Byrnes/CityLab)

NYC poverty status

In New York City in recent years, rents have risen much faster than incomes. The pressures of rising housing costs may be greatest on those with the fewest resources—people living in poverty.
According to the Furman Center, almost 1.7 million New Yorkers were living below the poverty line between 2011 and 2015, numbers unseen since 1970.
And The Bronx leads the city with over 52% of our neighborhoods in high or extreme poverty.

NYC Poverty stats

The poverty rate in New York City is higher than the U.S. poverty rate—particularly for children and seniors. While 30% of New York City children were poor in 2011-2015, just 22% were poor nationally. The poverty rate for seniors in New York City (18%) is twice the poverty rate in the U.S. (9%). The report also identified significant racial disparities among those living in poverty; poor black and Hispanic New Yorkers are much more likely to be poor than white and Asian New Yorkers.
Higher poverty neighborhoods have higher violent crime rates, poorer performing schools, and fewer adults who are college educated or working. And, poor New Yorkers are not all equally likely to live in these neighborhoods. Poor black and Hispanic New Yorkers are much more likely to live in higher poverty neighborhoods than poor white and Asian New Yorkers.
Advertisements