Wal-Mart cancels plans to build three stores after D.C. leftists raise minimum wage 50%

From Fox Business, a story that shows how completely clueless left-wing politicians are about economics.

Excerpt:

Wal-Mart Stores (WMT) no longer plans to build three stores in the nation’s capitol, after the city’s council voted to force large retailers to pay starting wages that are 50% higher than the minimum wage there.

The world’s largest retailer also said it will consider its options related to three other Washington, D.C., stores that are still under construction.

The bill, called the Large Retailer Accountability Act of 2013, was approved by an 8-to-5 vote, even though Walmart had warned that the company would leave the district.

“Nothing has changed from our perspective: we will not pursue Skyland, Capitol Gateway, and New York Avenue and will start to review the financial and legal implications on the three stores already under construction,” Walmart spokesman Steven Restivo said, referring to the locations of the planned stores.

“This was a difficult decision for us—and unfortunate news for most D.C. residents—but the Council has forced our hand.”

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