Biden’s economy

[Anonymous]

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

Because sucky food that doesn't compete with more modern dining options?

I haven't been to any of these restaurants in 10-15 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

Because sucky food that doesn't compete with more modern dining options?

I haven't been to any of these restaurants in 10-15 years.

DP and I dine out frequently.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

Because sucky food that doesn't compete with more modern dining options?

I haven't been to any of these restaurants in 10-15 years.

+1 Those are generally the bottom of the barrel competing for servers and other employees, because nearly every other restaurant treats their workers better. This is capitalism.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

Because sucky food that doesn't compete with more modern dining options?

I haven't been to any of these restaurants in 10-15 years.

+1 Those are generally the bottom of the barrel competing for servers and other employees, because nearly every other restaurant treats their workers better. This is capitalism.

Corporate restaurants are usually better employers than small local restaurants

[Anonymous]

Anonymous wrote:A Harris poll recently conducted for the UK Guardian newspaper revealed that a majority of Americans have serious misconceptions about the state of the US economy--and they are blaming Biden. Here are some of the things they believe and which are not supported by data:

"The poll highlighted many misconceptions people have about the economy, including:

*55% believe the economy is shrinking, and 56% think the US is experiencing a recession, though the broadest measure of the economy, gross domestic product (GDP), has been growing.

*49% believe the S&P 500 stock market index is down for the year, though the index went up about 24% in 2023 and is up more than 12% this year.

*49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.

*The poll underscored people’s complicated emotions around inflation. The vast majority of respondents, 72%, indicated they think inflation is increasing. In reality, the rate of inflation has fallen sharply from its post-Covid peak of 9.1% and has been fluctuating between 3% and 4% a year."


https://www.theguardian.com/us-news/article/2024/may/22/poll-economy-recession-biden

Yes. It’s interesting isn’t it?

The rest of the world would kill for our economy, and in fact it’s a large factor in our current border problem. People know they can get jobs with our extraordinarily low unemployment.

Under Trump, the economy wasn’t as good. Trump had higher unemployment numbers, even if you ignore the 15% unemployment rate he handed over to Biden.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

Because sucky food that doesn't compete with more modern dining options?

I haven't been to any of these restaurants in 10-15 years.

+1 Those are generally the bottom of the barrel competing for servers and other employees, because nearly every other restaurant treats their workers better. This is capitalism.

Corporate restaurants are usually better employers than small local restaurants

But corporate restaurants generally have worse food

[Anonymous]

[Anonymous]

[Anonymous]

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

I don't have time to look at the rest, but the greedy private equity firm which bought Red Lobster in 2014 is responsible for that failure.

They sold Red Lobster's real estate, forcing Red Lobster to then lease-back their restaurants.

These were long-term leases, with rent increases written into the contract. And the leases were what are called “triple-net” leases, which meant that Red Lobster was responsible for all the operating expenses, property taxes, and insurance at the locations. As Restaurant Finance Monitor wrote at the time, the deal gave Red Lobster “little room for error” at a moment when it was struggling with falling sales and a weak brand.

The rents on many of these properties are also, according to the bankruptcy filing, priced above market rates. The result is that last year, the company spent almost $200 million leasing locations, a full third of which it spent on locations for what it calls underperforming stores.

https://www.fastcompany.com/91129776/what-really-killed-red-lobster-bankruptcy-private-equity

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why are these restaurants closing if Bidenomics is working?

I don't have time to look at the rest, but the greedy private equity firm which bought Red Lobster in 2014 is responsible for that failure.

They sold Red Lobster's real estate, forcing Red Lobster to then lease-back their restaurants.

These were long-term leases, with rent increases written into the contract. And the leases were what are called “triple-net” leases, which meant that Red Lobster was responsible for all the operating expenses, property taxes, and insurance at the locations. As Restaurant Finance Monitor wrote at the time, the deal gave Red Lobster “little room for error” at a moment when it was struggling with falling sales and a weak brand.

The rents on many of these properties are also, according to the bankruptcy filing, priced above market rates. The result is that last year, the company spent almost $200 million leasing locations, a full third of which it spent on locations for what it calls underperforming stores.

https://www.fastcompany.com/91129776/what-really-killed-red-lobster-bankruptcy-private-equity

Just blame it on Biden, it's easier and requires much less thinking

[Anonymous]

And if the economy is so terrible why are the roads, airports, trains, and hotels so full?? Where is the money coming from for people to take these vacations?

[Anonymous]

Anonymous wrote:And if the economy is so terrible why are the roads, airports, trains, and hotels so full?? Where is the money coming from for people to take these vacations?

[Anonymous]

Anonymous wrote:And if the economy is so terrible why are the roads, airports, trains, and hotels so full?? Where is the money coming from for people to take these vacations?

One in 4 Americans has savings less than $1k.

[Anonymous]

JUST IN: For the 1st time since the 2008 Financial Crisis a top-rated commercial mortgage-backed bond has experienced a loss.

Investors of the AAA-rated portion of a $308 million Commercial Mortgage-Backed Security (CMBS) on the 1740 Broadway building in midtown Manhattan got hit with a $40 million loss, or 26%.

The other 5 groups of lower-rated portions of the CMBS were completely wiped out and lost $150.5 million.

Meanwhile, there is ~$700 billion backed by the US government CMBS and $3 trillion of commercial mortgages on US bank balance sheets.

Who owns these bonds - your pension and 401k

[Anonymous]

Anonymous wrote:JUST IN: For the 1st time since the 2008 Financial Crisis a top-rated commercial mortgage-backed bond has experienced a loss.

Investors of the AAA-rated portion of a $308 million Commercial Mortgage-Backed Security (CMBS) on the 1740 Broadway building in midtown Manhattan got hit with a $40 million loss, or 26%.

The other 5 groups of lower-rated portions of the CMBS were completely wiped out and lost $150.5 million.

Meanwhile, there is ~$700 billion backed by the US government CMBS and $3 trillion of commercial mortgages on US bank balance sheets.

Who owns these bonds - your pension and 401k

Republicans thought getting rid of pensions and substituting the with the freedom of 401k’s was a good idea under Reagan.