https://x.com/NathanJRobinson/status/1800915894585147399
Krugman, despite being a neoliberal knows that food is an essential item. So likely he is propagandizing for Biden.
Look at personal savings rate.
https://x.com/NathanJRobinson/status/1800915894585147399
Krugman, despite being a neoliberal knows that food is an essential item. So likely he is propagandizing for Biden.
Look at personal savings rate.
Perhaps the most egregious part of this is that the graph shows dollar expenditures, not meals bought.
It’s common for companies to raise prices to increase revenue, even if raising prices results in fewer people buying your product. This shit is taught in high school economics. Absolutely nothing here shows anything about how many people can afford fast food.
Also, the other thing is to look at with this is people eating out generally, there could also be the phenomena of middle class people responding to increased prices by eating fast food more to substitute more expensive take out options.
Another factor is people could generally be living further from work now than 10 years ago due to higher rents. Meaning they’re more likely to eat a meal near their office while having less time to cook, hence needing fast food.
This was kind of my first thought. I eat out more when I’m stressed because of the comfort of eating out and the lack of energy to cook for myself, even if it puts me in a worse economic situation. Sometimes you have to cope just to keep alive. Maybe we can coin the term “copeanomics” to describe increased sales of “luxury” items in times of increased societal instability.