There was a little publicized law that DC passed that will either help raise the standard of living for the common man or doom DC citizens to a life of poverty because they’ll lose interest from corporations. This story can be best summarized in gifs:
The Washington DC city council has a bill called the Large Retailer Accountability Act. The bill would require companies that make more than $1 billion in annual revenue to pay employees a raised minimum wage, $12.50 an hour instead of the regular $8.25.
Wal-Mart is the largest retailer in the world, and they’re notorious for their low wages and refusal to negotiate on wage matters. They were planning on opening six new stores in the city (three of which are currently in construction) to bring some jobs and revenue to the area.
But when they heard about the proposed bill, they threatened to kill the deal unless the city council decided to abandon the bill.
Some economists worried that passing the bill could have negative consequences, mainly through lower property taxes, missing multiplier effects, and the abandoned sites where construction was stopped.
Others think it’ll have more positive consequences than negative ones since many people in the city will have a higher wage.
Either way, people from both sides of the issue were surprised when the council voted to pass the bill.
Some people think that DC made the best decision they could have, others think they didn’t think about the consequences of sending away big retailers.
Wal-Mart was the most vocal about the wage issue, but it’s possible that the bill won’t dissuade other box stores and lucrative retailers from coming to the city.
So now DC is all
And Wal-Mart is all
Regardless it doesn’t matter what either side thinks, since either way