Debate Over Card Check Starts In Congress, Market Already Reacting Negatively
Congress starts debate on the misnamed “Employee Free Choice Act” which would take away a worker’s ability to vote in a secret ballot on whether or not to unionize. And just debating the bill is already having a negative impact on the economy.
A Citigroup analyst has downgraded Wal-Mart’s stock writing that it would increase labor costs and and pinch their profits. “We believe that (Wal-Mart) would be the primary target if EFCA/card check were to be passed,” the anlayst wrote.
Wonderful. Just what the economy needs. More government intervention to artificially inflate labor costs at a time when we need the nation’s companies to be hiring more people, not fewer.
