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It can be galling to hear companies argue that they have to cut wages and benefits for hourly workers – even as they reward top executives with millions of dollars in stock options. The chief executive of Wal-Mart earns $27 million a year, while the company’s average worker takes home only about $10 an hour. But let’s assume that the chief executive got 27 cents instead of $27 million, and that Wal-Mart distributed the savings to its hourly workers. They would each receive a bonus of less than $20. It’s not executive pay that has created this new world.The current frenzy over Wal-Mart is instructive.Its size is unprecedented.Yet for all its billions in profit, it still amounts to less than four cents on the dollar.Raise the cost of employing people, and the company will eliminate jobs.Its business model only works on low prices, which require low labor costs. ...Consumers continue to enjoy these low prices and thousands of applicants continue to apply for those jobs.