Residents of Chinatown in Los Angeles fought for years to get a Walmart; now the store is closing because the city enacted a $15 per hour minimum wage and local unions were trying to organize the store's employees. Walmart is slated to close another 154 stores across the U.S., just months after it raised its minimum wage to $9.00 with $10.00 scheduled to start in February of this year.
That's like 15,000 or more people out of work... but those who remain will be getting paid more. If Walmart wants to remain competitive in the marketplace, it has to hold prices down. If it ceases to be competitive, there is no reason for its existence. This is what happened to the steel industry, to the auto industry, to... well, how many jobs have moved overseas?
The day may well come when there is only one person working in this country, making $2 million an hour and undoubtedly working for the government.
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