Tax the rich: done. Tax polluters: done. Ram through gigantic federal spending porkulus: done.
The next stop on the Democratic/liberal wishlist is the so-called “card check” law that would make it easier for employees to unionize. Word is that President Obama is secretly concerned about the negative effects such a bill would have, but that if the House and Senate pass it, there’s no way on earth he’s bringing out the veto pen.
Anyway, an analyst at Citigroup has just downgraded red-hot retailer Wal-Mart (WMT), noting that legislation could be introduced in the House as early as today, and that if such a bill were passed, Wal-Mart would be the first union target.
Despite the Democrats’ reliance on organised labour, this is still no sure thing. Already, some red-state Dems like Mary Landrieu of Louisiana and Blanche Lincoln of Arkansas (hmm, what’s the biggest employer in that state?) said they are hesitant to endorse the bill. Meanwhile, the party’s heavy hitters in the business community like Warren Buffett have come out against it.