Recession Still Looms
By Jim Bauer
@porwest (112717)
United States
October 24, 2024 7:01am CST
One after the other major restaurant chains are declaring bankruptcy. Denny's recently did it. Red Lobster did it earlier this year. Applebees is reporting problems and may have to declare. And now TGIFridays is saying they may have to declare bankruptcy in the next couple of weeks.
It's inflation that's the cause mostly since dining out is largely a luxury item that consumers are simply cutting out of their budgets.
The problem is the effect this potentially has on the economy because it starts with things like this and trickles into other retailers and other types of businesses.
So far we have largely avoided a recession. But it's been by the seat of our pants. If we see more pressure delivered to businesses, eventually it will lead to more bankruptcies and more closures of establishments, and what follows that are layoffs, and what follows that is...
A recession.
8 people like this
5 responses
@porwest (112717)
• United States
24 Oct 24
@NJChicaa I am more interested in your thoughts about the other chains and the impact of inflation and why we need to solve it than what you think about endless shrimp. But that's just another example of you deflecting on the issue of course.
You know Biden caused inflation. You know Harris' policies will continue it. You don't want to discuss the impact on people's lives, jobs, or businesses. And you don't want to acknowledge it is a problem, let alone admit your side caused it and can't possibly have the ability to fix it.
THAT'S why you won't address it. And if you do, you won't do it honestly anyway.
1 person likes this
@marguicha (230334)
• Chile
24 Oct 24
When I have visited the US I have found that some restaurants that should sell inexpensive food are quite expensive. Maybe the American are deciding again to cook from scratch and go to good restaurants only once in a while.
2 people like this
@wolfgirl569 (135583)
• Marion, Ohio
24 Oct 24
I hope things can change for the better.
1 person likes this
@thislittlepennyearns (68159)
• Defuniak Springs, Florida
24 Oct 24
Aren't TGI Fridays and Applebees owned by the same parent company?
The Applebees here have been closing. The one in Destin that would be the most popular and most visited is closed and has been for almost a year.
1 person likes this
@thislittlepennyearns (68159)
• Defuniak Springs, Florida
26 Oct 24
@porwest See I knew there was a reason we kept you around.
@Dreamerby (10111)
• Calcutta, India
24 Oct 24
Yes in the IT market, we are facing the highest layoffs this year.
2 people like this
