PARK CITY, Utah—In an odd way, supporters of Donald Trump and Alexandria Ocasio-Cortez share common turf in their assessment that capitalism has fallen short for American workers.
Trump blamed globalization and unfair trade deals (plus, immigrants from Latin America) for the problems of Middle America on the campaign trail. AOC, as Ocasio-Cortez seems to be universally identified, has a broader indictment.
The chief executive of Vail Resorts, the most capitalistic of enterprises, seems to agree. Rob Katz told a packed auditorium in Park City recently that the company fell behind on workforce housing and wages during its boom years.
It wasn't just the ski company, but also the communities it operates in. "Now we're playing catch up," he said, according to an account by The Park Record.
Katz said Vail Resorts hopes to make gains in housing when an economic downturn occurs.
On wages, the same thing. The company now pays a minimum of US$12.25 per hour. That may be above the legal mandate, but it's not necessarily all that swell.
In earnings, though, the company has done swell indeed. Stock price as of Friday, March 22, was US$211 per share. Keep in mind that at the initial public offering in 1997, the price per share was US$16. That's a 13-fold increase in stock price—a tribute to the branding strategy and the genius of the Epic Pass, most of this engineered by Katz.
As for sharing of that wealth? Minimum wage certainly hasn't increased 13 fold in the last two decades.
As for Trump, he delivered a big tax cut. It benefitted most people like himself, the sorts that have their own jet planes, but also the high-end customers of destination ski areas.
