Wal-Mart: Recession Profiteer
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Bank and insurance CEOs aren’t the only ones getting rewarded for horrendous behavior in this recession. There’s Wal-Mart, whom Newsweek now has anointed as “Our Corporate Savior.” (Hat tip to dakine01.)
“Wal-Mart recently announced that its same store sales in January were up 2.1 percent, which was more than forecast. With the company’s huge network of stores and ability to strong-arm suppliers, Wal-Mart offers shoppers good merchandise at prices which becomes more and more attractive as the downturn continues.”
The brutal truth is that Wal-Mart is profiting in the midst of misery because of policies that, like those of the financial services industry, fueled the nation’s economic disaster. While banks rolled up and peddled collateralized debt packages like cheap tuna wraps, Wal-Mart’s assault on America’s economy came from another angle–everyday low wages. By paying the vast majority of its workers little more than the minimum wage and offering health care plans most can’t afford, Wal-Mart shifted its corporate expenses to taxpayers.
