Raising the minimum wage is a prime example of how our economy is in recovery and beginning to flourish. NOT!
One prime example that the left loves to sling crap at is WalMart. Last year WalMart announced that they would be raising wages for those employees paid at the federal (or state in some cases) minimum wage. These are the most needy and in many cases the least skilled of all employees in any industry.
The new minimum wage announced was $9.00, or $1.25 per hour above the federal minimum. By February of this year, 2016, the proposed wage is to be $10.00 per hour. Well…that is for the people who are still employed. According to the current schedule, the retail giant is closing 269 outlets globally on or by January 28. Approximately 150 of which are in the U.S.
With a per store average employment force of about 60 FTE (full-time equivalent) positions, that means a considerable bump to the touted 5% unemployment rate. Many of each store’s positions are part time meaning somewhere between 9,000 and 13,000 U.S. workers from Alaska to Puerto Rico will be idled.
Though WalMart executives claim the move is to “sharpen their portfolio”, it is truly so that they can remain afloat in the economic recovery that Obama lauds. In the fourth quarter of last year, Starbucks also closed 23 La Boulange locations along with two manufacturing facilities. That put a few people out of work, too. Kmart, Sears and JCPenney are following suit by closing locations or folding the businesses completely. Yeah, we’re rolling now!
As the stock market tanks and oil becomes unworthy of extraction, you can listen to the politicians or open your eyes to the truth and adjust your finances and your lives accordingly. Good luck making the right choice!
Obama’s remaking of America has been very good for the super wealthy. They have flourished. The rest of us…eh, not so much.