No, Mr. Bates, that is a near-sighted view of the issue.
Wal-Mart is in the vortex between the living standard of the U.S. and the living standards of the countries where Wal-Mart's goods are produced.
Any reputable History of Economics will show that a situation like that will elevate the living standard of the producer and lower the living standard of the consumer.
How does leaving consumers with more money to spend (because they've saved by paying lower prices) lower their standard of living? Thanks.