Walmart is closing one of its stores in Oakland, CA and it is in part due to the dramatic increased costs of doing business in the city.
- The store was one of the top sales-tax generators for the city
- City councilman: “The minimum wage in the city of Oakland played a factor, was one of the factors, they considered in closing the stores”
- Oakland’s minimum wage was bumped from $9 to $12.25 in March 2015 and was raised to $12.55 at the start of this year
A comment from an analyst at the Heritage Foundation clearly explains something that the city leaders on Oakland do not get:
“This higher city minimum wage eliminated the jobs of the very workers advocates wanted to help. The true minimum wage is $0.00 an hour. Companies do not have to hire workers, and they will not pay them more than the value they create.”
Wait for Oakland to start requiring companies to hire workers and to forbid them from closing down…
H/T The Daily Signal
Thank you for reading and please share!