Here is another stupid Business Insider article that says the problems with Walmart revolve around the 6.2 percent payroll tax, up from 4.2 percent, that works out to 60 bucks a month for a guy making 40k per year. I responded with my usual frustration to this thoughtless reporting:
Here is the problem the execs at Walmart are more concerned with oil prices and food than they are about the 6.2 percent payroll tax rise. Why is BI a broken record on this.and:
This article says: When the payroll-tax break expired at the end of last year, Americans started paying 2 percentage points more in Social Security taxes on their first $113,700 in wages, Dudley reported. That's $60 a month for someone making $40,000 a year.
Ashley, that is PEANUTS compared to gasoline rising EVERY DAY. What is wrong with you people?
This is what the Walmart execs said and it wasn't about a payroll tax:
The company’s Chief Executive Mike Duke said in a pre-recorded call the discount giant’s “core customers remain cautious about their finances.” “You can expect us to invest even more in lower prices,” he said.
Company executives said while Wal-Mart is cautiously optimistic about the improved employment reports, gas prices that have crept up again remain a concern. On the grocery front, while inflation is moderating, it continues to be an issue for many of the company’s customers.
While it is true that emails exist that show Walmart executive concerns based upon the payroll tax, when push comes to shove, they are more worried about the price of gasoline and foodstuff. Business Insider appears to be ignoring this fact.