"The United Food and Commercial Workers International Union, which hopes to represent Walmart's nonunionized work force, called the wage increase a "public relations stunt" meant to distract from the closings.
Senate Democrats, citing the closings and a $20 billion stock buyback announced last fall, said in a statement: "The real response of companies like Walmart to the Republican tax bill has been to ensure that its already high-paid executives and wealthy shareholders reap the overwhelming benefit, leaving thousands of workers standing in the cold without jobs."
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a nonprofit research group, said it was difficult to forecast precisely how much Walmart would save.
But based on the company's average annual United States earnings over the past five years, he said, savings from the cut in the corporate tax rate alone could be roughly $2.2 billion a year, or 40 percent.
He said the figure could be higher or lower depending on tax breaks the company might be losing, or new advantages in the treatment of capital investments and other provisions.
Walmart said the wage increases and bonuses would cost the company roughly $700 million."
Still, many economists are skeptical that the tax cut will have a meaningful impact on wages. In an economic research memo released on Thursday, Goldman Sachs wrote that "we expect no significant short-term effect of tax reform on" average hourly earnings.
Lessee, 700 million for millions of workers and a billion and a half for the company. And the forecast of economists that the tax cut will not have, "a meaningful impact on wages".
RoC must be, "soiling himself with joy", as he says.