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Wal-Mart used to sell us only goods made in America. Now they
sell us goods primarily made in China. "Always Low Prices"
they said. But now Wal-Mart has quantified their generosity,
claiming to save each of us $2,500 per year. Those savings are really handy when you've lost your job, or if you actually draw a "generous" Wal-Mart wage.
Let's look at a few other statistics.
FIRST, a salary comparison.
* The average annual salary of a Wal-Mart employee = $10,000. ($8.23 per hour times 24 hours actually worked, on average, per week). (These are 2005 numbers,
but you can be generous and index them for theoretical, but probably
non-existent wage gains for the last 2 years).
* The average per capita income for Americans = $42,000
*
The Wal-Mart vs. U.S. wage differential is $32,000. BUT, you can buy more from
Wal-Mart/China and save $2,500. And then you have a net LOSS of $29,500.
SECOND, a trade deficit examination, courtesy of the Economic Policy Institute.
*
Our 2006 trade deficit with China was $235 billion. Wal-Mart, a single company, caused an astounding 11% of that deficit
with $27 billion in imports.
THIRD, a job loss examination, again courtesy of EPI.
* If we produce for export, jobs are created. But if we
import goods previously produced here, jobs are lost.
* Our U.S. trade deficit caused a net loss of 2.7 million jobs
in 2006. This is because 526,000 jobs were created because of
exports, BUT nearly 3.3 million jobs were lost due to imports.
* The Wal-Mart deficit caused 196,000 net job loss in 2006. Wal-Mart is responsible for 11.2 percent of America's net trade-related job loss from 2001-2006. But
those lucky unemployed folks saved $2,500 per year if they shopped at
Wal-Mart.
So... I think I would rather have a good job and pay $2,500 extra. How about you?
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