(AmericanProsperity.com) – Even though Democrats have tried to paint it in a positive light, Bidenomics has struck once again: America’s beloved restaurant industry is being razed to the ground.
In 2024, restaurant bankruptcies have skyrocketed to levels not seen since the COVID-19 pandemic, with iconic chains like Red Lobster and Tijuana Flats filing for Chapter 11.
This financial chaos exposes the harsh reality of Bidenomics: crushing inflation, soaring operational costs and a battered middle class forced to cut back on dining out.
The restaurant sector, a cornerstone of American culture and economy, is crumbling under the weight of Joe Biden and Kamala Harris’ failed economic policies.
So far this year, a staggering 13 major restaurant companies have sought bankruptcy protection, matching the total for all of 2023.
This surge in bankruptcies compares to the economic turmoil seen during the pandemic. However, the administration’s reckless spending and inflationary policies are to blame instead of a virus.
After his chain was forced to close numerous locations, Roti CEO Justin Seamonds did not mince words about the dire situation.
“There are a huge number of people feeling disproportionate pressure. We can’t sustain the ebbs and flows,” he said.
A Wall Street Journal analysis reveals that Chapter 11 filings are at their highest in decades, apart from 2020.
“There’s going to be pain for a while,” warns Morgan McClure of Fortress Investment Group, which acquired Red Lobster from bankruptcy.
The casualties of this economic disaster are mounting. Red Lobster filed for bankruptcy with over $1 billion in debt, closing 93 locations.
Red Lobster filed for bankruptcy, citing a “difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition.”
Cracker Barrel, another beloved chain, is shuttering four locations due to “weak marketing, a guest experience gap, and cost-conscious consumers” – all symptoms of an economy in distress.
As restaurants close their doors, workers lose their jobs and benefits, creating a ripple effect of financial hardship across communities.
Copyright 2024, AmericanProsperity.com
