Citi Downgrades Wal-Mart over EFCA

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My friend, Jane Hamsher, at Firedoglake has this gem today about a Citgroup analyst downgrading Wal-Mart because of possible passage of the Employee Free Choice Act. Jane runs through all the idiocy of this moment. First, the law isn’t passed yet. Second, it would give workers more purchasing power probably helping Wal-Mart sales. I’d just add that only 7.5 percent of private sector employees belong to unions. That’s going to keep falling because of the loss of manufacturing jobs. So if EFCA could increase union membership in the private sector by 50 percent, which would be a stunning achievement and hardly guaranteed byt the law’s passage, you’d still have far fewer than the number in unions 25 years ago.

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