Big Box Ordinance Vetoed!

THANK YOU MAYOR! from cnn.com: Chicago mayor vetoes big-box wage increase Mayor Richard Daley says 'living wage' ordinance would drive retailers like Wal-Mart and Target out of the area, hurt jobs. September 11 2006: 5:46 PM EDT NEW YORK (CNNMoney.com) -- Chicago Mayor Richard M. Daley on Monday vetoed a "living wage" ordinance that would force big-box retailers like Wal-Mart and Target to increase their hourly pay and other benefits. In July, Chicago City Council approved the ordinance by a 35 to 14 vote. It would require large chain store retailers with more than $1 billion in annual sales and at least 90,000 square feet to pay wages of at least $10 an hour plus $3 in benefits by 2010. "I understand and share a desire to ensure that everyone who works in the City of Chicago earns a decent wage. But I do not believe that this ordinance, well intentioned as it may be, would achieve that end," Daley wrote in a statement. "Rather, I believe it would drive jobs and businesses from our city, penalizing neighborhoods that need additional economic activity the most. In light of this, I believe it is my duty to veto this ordinance," he said. Wal-Mart (Charts), which plans to open its first Chicago store this year, applauded Daley's decision. "[Daley's] actions encourage desperately needed business investment and development in the city, with job opportunities and savings for those who need it first," company spokesman Michael Lewis said in a statement. But Daley's vote can still be overridden when the City Council meets on Wednesday. It would require a total of 34 votes in support of the ordinance. If passed, the ordinance would apply to other large retailers such as Target (Charts) and Home Depot (Charts). Now lets hope that the 34 votes to over ride the veto aren't met. I'm hoping some people will change their minds after target canceled many of their plans in the city because of this ordinance.>