Saturday, October 29
"Restaurant industry second largest employer in the USA"
I think it might have been Steve Sailer who warned about 15 years ago that the USA was going to become a land of hamburger flippers if American companies didn't stop massive offshoring of industrial jobs. I thought of the remark last night when I heard Barron's Jim McTague give John Batchelor an update on the current economic situation for the United States. (Podcast)
Jim mentioned the statistic about the restaurant industry almost in passing (and noted that public elementary and high schools are the largest employer) to convey why the recent large number of restaurant bankruptcies is a red flag for the U.S. He noted there are just too many restaurants.
Piled on top of the glut are looming hourly minimum wage salary increases, which will also apply to restaurant workers. Many restaurant owners simply don't know how they'll be able to afford the hikes -- a topic that spilled into Batchelor's segment last night with Gene Marks, who writes a column on small business for the Washington Post. (Podcast)
Well I don't know what to say here, beyond "Vote Trump." But how many times can you say that to people who're under the impression that other governments can keep buying Washington's debt in large enough measure to stave off an economic crash in the USA?
Or maybe these cockeyed socialist optimists are hoping that the federal government will take in enough revenue from grave robbing, so to speak -- taxes on the estates of dead Baby Boomers -- that it will be able to support an out-of-work electorate.
Then again, maybe socialists actually want a huge economic crash because they like the idea of everybody living in the America they saw in Escape from New York.
Posted by Pundita at 10/29/2016 08:56:00 AM