The city of Chicago passed the new super minimum wage law. The results, according the the Wall Street Journal (paid registration required) are…
Target was the first big chain to react, recently canceling plans to open a new superstore in a run-down area on the city’s North side. Only a few months ago the project was hailed by city leaders as an anchor for redeveloping that depressed neighborhood. Now it gets to stay depressed. Wal-Mart has also announced that its plans to build 20 new stores in the city over the next five years are “on hold” until the wage issue is resolved.
I also like this comment on the living wage and working poor…
The entire “living-wage” movement is the latest product of upper-income politicians who want to stick it to non-union companies in the name of helping the poor. But the working poor lose twice in Chicago: first, in lost retail jobs and then in less access to low-cost goods.
Over the longer term Target and Walmart might change their plans. Somehow, I doubt they are in a hurry.
