Posted on 10/17/2015 7:28:54 PM PDT by SeekAndFind
Wal-Mart's second profit warning in two months should be a wake-up call for the political left. If America's largest private employer is struggling with its own pay increases, how will other businesses cope with even larger minimum-wage hikes?
Long the scourge of progressives for its relatively low wages, Wal-Mart (NYSE:WMT) announced early this year that it would unilaterally boost its own base wage, first to $9 an hour this past April and to $10 by February 2016.
"People have known that $10 was coming for a while," Wal-Mart CEO Doug McMillon told CNBC's Jim Cramer on Wednesday. "This news today was just we quantified it for everybody."
Wal-Mart's stock price promptly suffered its sharpest one-day sell-off in a quarter century, diving 10%. Shares kept falling, ending the week down 11.7%.
The stunning hit to profitability for the nation's biggest retailer raises serious questions about the Democrats' economic agenda to raise the minimum wage to $12 or $15 an hour, while asking low-wage employers to provide their workers with health insurance and paid sick leave. Wal-Mart Sees Big Earnings Slide Taken together with August's announcement of a 7% to 13% drop in earnings per share in the current fiscal year, Wal-Mart's latest warning of a further 6% to 12% EPS decline next year — even as it plans to cut share count with a new $20 billion stock buyback — points to a dramatic drop in profitability.
(Excerpt) Read more at news.investors.com ...
18 month old twins and a new born in diapers. Three at one time. I changed more than 25 diapers a day at one point.
Only one left thank God! We are going to try to ‘break’ him this Thanksgiving weekend. If we succeed it will end nine solid years of diapers!
I know your pain and still live it a little!
That was personal for me. A close friend is in the Ark legislature.
I used to enthusiastically defend corporations as engines of prosperity and freedom. Not so anymore. Most of them are amoral and cowardly.
Scare? Hardly. They’re celebrating.
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