On Friday, Investor’s Business Daily posted an editorial about Senator Bernie Sanders’ latest great idea–he wants to put all sorts of restrictions on Walmart until they start paying all of their employees $15 an hour.
The editorial states:
With typical Sanders subtlety, his new legislative proposal is called the “Stop WALMART act.”
Under it, big employers like Walmart would be banned from buying back shares in their own company unless they paid all their workers at least $15 an hour. They’d also have to cap CEO pay at 150 times the median employee pay, and provide seven days of paid sick leave. (Why Sanders doesn’t also include free lunches and bus tokens in his list of demands isn’t clear.)
Sanders says he’s building on the success of his Stop BEZOS act, which would have dictated that large companies “pay back” the cost of any government benefits received by any of their workers.
The editorial reminds us:
This is a company that employs 1.5 million people across the country. Some may not make what Sanders deems appropriate. But it’s good enough for many unskilled workers, who if they had a better offer would have taken it.
What’s more, Walmart’s relentless pursuit of lower prices not only helps middle class families stretch their hard-earned dollars further, but has helped hold down inflation economywide, according to economists who’ve studied the “Walmart effect.” That benefits everyone.
…If Sanders really wants to help Walmart workers, two proven things work. Cut taxes and deregulate the economy.
In the wake of the Trump tax cuts — which Sanders vehemently opposed — Walmart boosted its starting wage to $11 an hour, up from $9. It also handed out bonuses that started at $250 and climbed to $1,000 depending on years of service.
Meanwhile, the economic boom under Trump’s economic policies has cut the unemployment rate to 50-year lows. It’s also drawn millions back into the workforce, and sparked the fastest wage growth in a decade.
No mandates. No threats or browbeating. No central planning needed.
Walmart is probably not the ideal career for everyone. However, I personally know someone who was able to support himself at college by working there part time. They hired a young kid out of high school and helped him get an education. He didn’t make it a career, but it helped move him toward the career he wanted.
Since when does the American government have the right to target a specific company and tell them what they must pay their employees?