Staff Reports
Amid the Biden administration’s claims of economic success, a concerning trend has emerged. Restaurants are experiencing significant closures, particularly in the fast-casual sector. Red Lobster recently declared bankruptcy, while Cracker Barrel’s market shares plummeted, and various other establishments are closing locations en masse.
There are several factors contributing to this crisis, such as the rise in remote work reducing lunchtime customers and the enduring popularity of takeout. However, “Shark Tank” star Kevin O’Leary expressed his view that the primary cause of fast-casual restaurants’ struggles is rampant inflation. Inflation has eroded consumers’ disposable income and increased the cost of ingredients for restaurants, leading to higher menu prices and fewer patrons.
Shark Tank star Kevin O'Leary reveals why restaurants are closing down across America and warns MORE closures are on the way https://t.co/5P5AOCQYim pic.twitter.com/p0PbyL9NXR
— Daily Mail Online (@MailOnline) June 11, 2024
The impact of inflation on businesses is particularly severe in California, where the cost of living is exorbitant. Additionally, a recent $20 minimum wage for fast food workers has further burdened restaurant owners. The National Restaurant Association reported that over 88% of restaurant owners have experienced higher operating costs than in 2019, and more than 90% are still grappling with supply chain disruptions.
The rise in inflation and its detrimental effects on businesses has been attributed to the policies of the Biden administration. Critics argue that the administration’s massive expenditures have contributed to runaway inflation, squeezing the budgets of middle-class Americans and leading to the closure of iconic restaurants.
The severity of the economic challenges facing the nation has prompted concerns about the upcoming 2024 election. Former national security advisor Gen. Michael Flynn warned that the election is crucial for the future of America. To address these issues, some individuals have expressed hope for a change in leadership, looking towards figures with a track record of managing inflation and improving the lives of all Americans.
