Biden’s economy

[Anonymous]

Anonymous wrote:This week in Bidenomics: Signs of a slowdown

https://finance.yahoo.com/news/this-week-in-bidenomics-signs-of-a-slowdown-162304892.html

The start of the article
“Inflation is finally getting back to normal, which is good news for consumers and bullish for President Biden’s reelection odds.”
The rest of the article
“Here’s why that’s bad for Joe Biden”

[Anonymous]

BREAKING: Last week, Rubio's Coastal Grill, a popular California restaurant, announced they were closing 48 locations across the state due to unsustainable minimum wage increases. Now, they have filed for BANKRUPTCY thanks to Democrat policies. Over 3000 jobs LOST

“Rubio’s has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, combined with significant increases to the minimum wage in California, put pressure on a number of its locations.”

[Anonymous]

Anonymous wrote:BREAKING: Last week, Rubio's Coastal Grill, a popular California restaurant, announced they were closing 48 locations across the state due to unsustainable minimum wage increases. Now, they have filed for BANKRUPTCY thanks to Democrat policies. Over 3000 jobs LOST

“Rubio’s has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, combined with significant increases to the minimum wage in California, put pressure on a number of its locations.”

What is your obsession with mediocre restaurants closing?

[Anonymous]

I can't get over the fact, that in 1998 I paid $9.99 for TBONE steak at a restaurant with soda and tip the total was like $13.00 The soda was just 1.00. $2 TIP WAS A LOT back then. I remember back in like 1990s I gave someone $5 tip and they said THANK YOU. The other day the total was $100 and I gave them a $5 tip and they gave death look. I told her when I was your age $5 was a lot of money.

[Anonymous]

Anonymous wrote:BREAKING: Last week, Rubio's Coastal Grill, a popular California restaurant, announced they were closing 48 locations across the state due to unsustainable minimum wage increases. Now, they have filed for BANKRUPTCY thanks to Democrat policies. Over 3000 jobs LOST

“Rubio’s has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, combined with significant increases to the minimum wage in California, put pressure on a number of its locations.”

Yet somehow, plenty of other places were able to stay in business. Maybe the minimum wage is a scapegoat for a poorly run business?

[Anonymous]

Anonymous wrote:I can't get over the fact, that in 1998 I paid $9.99 for TBONE steak at a restaurant with soda and tip the total was like $13.00 The soda was just 1.00. $2 TIP WAS A LOT back then. I remember back in like 1990s I gave someone $5 tip and they said THANK YOU. The other day the total was $100 and I gave them a $5 tip and they gave death look. I told her when I was your age $5 was a lot of money.

You provided a 5% tip in 2024 and wonder why you got a stare?

Min $20, my friend.

[Anonymous]

Anonymous wrote:Full page ad. This is what California's minimum wage hikes are doing.

https://cabia.org/app/uploads/240604_CABIA_USATodayAd_InMemoriam-1.pdf

Fake news. Private equity, which also killed Red Lobster, is the problem.

“Then there's Rubio's Coastal Grill. On June 3 the Carlsbad chain confirmed that it had closed 48 of its California restaurants, about one-third of its 134 locations. As my colleague Don Lee reported, Rubio's attributed the closings to the rising cost of doing business in California.

There's more to the story, however. The biggest expense Rubio's has been facing is debt — a burden that has grown since the chain was acquired in 2010 by the private equity firm Mill Road Capital. By 2020, the chain owed $72.3 million, and it filed for bankruptcy. Indeed, in its full declaration with the bankruptcy court filed on June 5, the company acknowledged that along with increases in the minimum wage, it was facing an "unsustainable debt burden."

The company emerged from bankruptcy at the end of 2020 with settlements that included a reduction in its debt load. Then came the pandemic, a significant headwind. Among its struggles was again its debt — $72.9 million owed to its largest creditor, TREW Capital Management, a firm that specializes in lending to distressed restaurant businesses. It filed for bankruptcy again on June 5, two days after announcing its store closings. The case is pending.
https://finance.yahoo.com/news/fast-food-industry-claims-california-181056511.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:‘Unsustainable;’ Reports show U.S. middle class is getting smaller, poverty line on the rise
By WHIO Staff | June 07, 2024

The U.S. middle class is getting smaller and the number of Americans falling toward poverty is on the rise.

As reported on News Center 7 at 5:30, more and more people are falling toward poverty as prices rise.

“Most people have seen their wages go up a little and go up over time, but they’re not enough to compensate for the higher prices,” Dr. Michael Walden, an Economist at North Carolina State University said.

According to a recent report from the Pew Research Center, in 1971, 61% of the nation was middle class. As of 2023, that number has dropped to 51%.

Continues: https://www.whio.com/news/local/unsustainable-reports-show-us-middle-class-is-getting-smaller-poverty-line-rise/J2A2DSZRZJHSHHRVLJWPFIJX74/

What is the GOP plan?

Change the tax code to a user VAT tax which hist lower and middle classes disproportionately. Continue tax cuts for businesses and the wealthy.

How does that not continue to exacerbate the problem?

At least the democrats are trying.

Well their trying hasn't done much good, has it?

That said, Trump's idea to get rid of income tax is idiotic.

Actually, it has. The US economy, even with the current warts, is the envy of the world.

[Anonymous]

Anonymous wrote:BREAKING: Last week, Rubio's Coastal Grill, a popular California restaurant, announced they were closing 48 locations across the state due to unsustainable minimum wage increases. Now, they have filed for BANKRUPTCY thanks to Democrat policies. Over 3000 jobs LOST

“Rubio’s has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, combined with significant increases to the minimum wage in California, put pressure on a number of its locations.”

Fake news.

“CABIA cited Ohanian's article as the source for its claim in its USA Today ad that "nearly 10,000" fast-food jobs were lost due to the minimum wage law. "The rapid job cuts, rising prices, and business closures are a direct result of Governor Newsom and this short-sighted legislation," CABIA founder and president Tom Manzo says on the organization's website.

Here's the problem with that figure: It's derived from a government statistic that is not seasonally adjusted. That's crucial when tracking jobs in seasonal industries, such as restaurants, because their business and consequently employment fluctuate in predictable patterns through the year. For this reason, economists vastly prefer seasonally adjusted figures when plotting out employment trendlines in those industries.

The Wall Street Journal's figures correspond to non-seasonally adjusted figures for California fast-food employment published by the Bureau of Labor Statistics. (I'm indebted to nonpareil financial blogger Barry Ritholtz and his colleague, the pseudonymous Invictus, for spotlighting this issue.)

Figures for California fast-food restaurants from the Federal Reserve Bank of St. Louis show that on a seasonally adjusted basis employment actually rose in the September-to-January period by 6,335 jobs, from 736,160 to 742,495.”
https://finance.yahoo.com/news/fast-food-industry-claims-california-181056511.html

[Anonymous]

[Anonymous]

Anonymous wrote:

Anonymous wrote:Full page ad. This is what California's minimum wage hikes are doing.

https://cabia.org/app/uploads/240604_CABIA_USATodayAd_InMemoriam-1.pdf

Fake news. Private equity, which also killed Red Lobster, is the problem.

“Then there's Rubio's Coastal Grill. On June 3 the Carlsbad chain confirmed that it had closed 48 of its California restaurants, about one-third of its 134 locations. As my colleague Don Lee reported, Rubio's attributed the closings to the rising cost of doing business in California.

There's more to the story, however. The biggest expense Rubio's has been facing is debt — a burden that has grown since the chain was acquired in 2010 by the private equity firm Mill Road Capital. By 2020, the chain owed $72.3 million, and it filed for bankruptcy. Indeed, in its full declaration with the bankruptcy court filed on June 5, the company acknowledged that along with increases in the minimum wage, it was facing an "unsustainable debt burden."

The company emerged from bankruptcy at the end of 2020 with settlements that included a reduction in its debt load. Then came the pandemic, a significant headwind. Among its struggles was again its debt — $72.9 million owed to its largest creditor, TREW Capital Management, a firm that specializes in lending to distressed restaurant businesses. It filed for bankruptcy again on June 5, two days after announcing its store closings. The case is pending.
https://finance.yahoo.com/news/fast-food-industry-claims-california-181056511.html

Ah but blaming private equity would mean damaging the “wealth creators.” Look how much wealth they’ve created for all the employees that Rubios, for instance. This is how the GOP wants it.

[Anonymous]

Anonymous wrote:$1000 for a 4 night stay in a hotel in VIRGINIA BEACH .

Four Points by Sheraton Virginia Beach Ocean front Hotel. In 2020 we stayed a week for just $500.00

2020- hospitality industry in a crisis due to covid. outside your family, very few people were staying in hotels.

[Anonymous]

Anonymous wrote:

Now do wage growth.

[Anonymous]

Anonymous wrote:I can't get over the fact, that in 1998 I paid $9.99 for TBONE steak at a restaurant with soda and tip the total was like $13.00 The soda was just 1.00. $2 TIP WAS A LOT back then. I remember back in like 1990s I gave someone $5 tip and they said THANK YOU. The other day the total was $100 and I gave them a $5 tip and they gave death look. I told her when I was your age $5 was a lot of money.

You are definitely the A.

Inflation is not the fault of the servers and they don't need to learn about inflation from some dipsh*t they are bringing a meal to.

Can't afford to tip, don't go out at all.

[Anonymous]

Anonymous wrote:Oh look whose stealing good old white boys & girls

https://nypost.com/2024/03/12/us-news/san-diego-mom-masterminded-organized-retail-theft-ring-cops/

She will claim affluenza mentality and the judge will give her 2 years probation.