http://feeds.bignewsnetwork.com/redir.php?jid=99af59e9e483585c&cat=3a8a80d6f705f8ccWASHINGTON - January 5 - An analysis released today by the Institute for America's Future finds that retail behemoth Wal-Mart Inc. sucked more than $20 billion out of local economies across America this holiday season.
Despite slower-than-projected revenue growth for November and December, Wal-Mart still brought in a record $66 billion for the holiday season - more than five times the revenue of its next- largest competitor. Looking more closely, Wal-Mart's siphoning means a loss of billions in wages and benefits paid, lost purchases of inventory, supplies and services from other local businesses, lost tax revenue to local government and lost contributions to local charities.
"America, as we know it, can't afford Wal-Mart," said Robert Borosage, president of the Institute for America's Future. "People across America are starting to realize the stark reality: Wal-Mart's triumph is the defeat of middle-class America. If Wal- Mart sets the pace, Americans will pay the price, in declining wages, rising health care costs, longer hours, worsening workplace conditions and rising personal taxes to offset soaring corporate subsidies.
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It definitely is ruining rural America ...