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Dan’s Biz Bookshelf: ‘Still Broke: Walmart’s Remarkable Transformation'

Rick Wartzman’s Still Broke: Walmart’s Remarkable Transformation and the Limits of Socially Conscious Capitalism is both a wake-up call and a mirror—showing us things we might not want to admit. He doesn’t come out swinging with anti-corporate rage or idealistic fluff. No, he does something more powerful. He tells the plain, honest, uncomfortable truth, and those with a stake in business, leadership, or the American economy should read this book.

Under CEO Doug McMillon, Walmart made a real effort to fix things. They raised wages, improved benefits, tried to give workers more consistent schedules, and acted as if they valued the people wearing the vests and pushing the carts. That’s worth applauding.

But Wartzman’s point—and here’s where it cuts deep—is that it wasn’t enough, because too many Walmart workers are still broke, relying on food stamps, patching together multiple jobs, and walking a financial tightrope daily. Why? Because the system rewards shareholders, not shelf-stockers. Because today’s capitalism doesn’t pay the rent, raising wages to $11 an hour in a world where rent is $1,200 a month or more doesn’t cut it. 

Wartzman tells this story through the voices of real people—Walmart associates who work hard, play by the rules, and still can’t get ahead. That’s what makes this book so powerful. It’s not theory. It’s lived reality.

He also doesn’t let business leaders, politicians, or consumers off the hook. We all play a role. We want low prices, fast service, and large returns. But there’s a cost, and too often the people at the bottom pay the cost.

Still Broke is a must-read. It’s smart, fair, and brutally honest. It praises what deserves to be praised and questions what needs questioning. Businesses can do better. It’s only common sense. If the people building your business can’t afford to live, then it’s not a success story; it’s a broken one.

Dan Beaulieu is president of D.B. Management Group.

Title: Still Broke: Walmart’s Remarkable Transformation and the Limits of Socially Conscious Capitalism
Author: Rick Waltzman
Copyright: 2022 PublicAffairs
Pages: 272
Price: $24.36