Walmart meets tax reform
Walmart last week became the GOP's poster child for how tax reform helps workers when it raised its minimum wage to $11 an hour — until, just a few hours later, it said it will also close 63 Sam's Club stores and cut 10,000 employees. And then Tuesday, the WSJ reported that the retailer is cutting another 1,000 jobs — this time at the corporate level.
Why it matters: These moves capture the new tax law's schizophrenia. While delivering bonuses and raises for workers, it hasn't mastered the rapidly changing economy.