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Paul Krugman@pkrugman.bsky.social |
Still thinking about that survey in which 78 percent said that fast food has become an unaffordable luxury. Here are real sales at limited service restaurants: people seem to be buying an awful lot of something they can’t afford
29 replies 43 reposts 265 likes
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Captain Hurley
@zoonie.bsky.social
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Paul isn't there a rising credit card debt problem in the US atm? This is indicative of many things bit not necessarily that the economy is working for all society strata, surely?
2 replies 0 reposts 3 likes
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Fioko
@fioko.tv
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They may have lost 78% of their customers, but have you considered how many billionaires eat exclusively at McDonalds now
0 replies 0 reposts 1 likes
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Elaine Gallagher
@theelaineg.bsky.social
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There's an awful lot of context missing from this post - what are the numbers of units sold, not just the turnover of the shops? What are the demographics of the people buying, Is there a drop-off at the lower end or not? What is the local availability / choice of ingredients / cooking facilities?
0 replies 0 reposts 1 likes
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Patchouli Woollahra
@woollahra.bsky.social
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What else can they do? Starve late at night after a long hard day?
0 replies 0 reposts 3 likes
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Stef @wikisteff@mastodon.social Christensen
@wikisteff.bsky.social
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Paul, did you see the charts about consumer sentiment and economy getting better and it was overwhelmingly just Democrat in charge/Trump in charge?
1 replies 1 reposts 3 likes
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WobblyCPA
@wobblycpa.bsky.social
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It’s almost as if people have to eat.
0 replies 0 reposts 1 likes
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John Kawakami
@johnkawakami.bsky.social
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Maybe a big fraction of fast food purchases are breakfast and lunch - work meals. The cheapest option.
0 replies 0 reposts 1 likes
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VoidJuice
@voidjuiceconc.bsky.social
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Can you split this out based on income brackets/levels?
0 replies 0 reposts 0 likes
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Netmouse
@netmouse.bsky.social
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How does that look next to a population growth chart?
0 replies 0 reposts 0 likes
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🏳️⚧️NotPike🍀
@notpike.bsky.social
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This chart only shows how much money has been spent on fast food. If the argument is that fast food is too expensive to buy for Joe blow how dose this chart prove that? If prices have gone up and the rich can still buy it of corse profits will show that.
1 replies 0 reposts 5 likes
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Minuit
@zoroark.ca
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Cheaper than real food.
0 replies 0 reposts 0 likes
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Riverdaleboy
@riverdaleboy.bsky.social
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Americans lie about the economy based on party affiliation and which party is in the White House. I blame Murdoch.
1 replies 1 reposts 7 likes
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EndoftheAisle.bsky.social
@endoftheaisle.bsky.social
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Could this also be a result of people moving down market from more expensive restaurants?
2 replies 0 reposts 5 likes
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Balazs Wirth
@birthba.bsky.social
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That sounds an awful lot like arguing in 18th century France that someone is still buying bread, although peasants claim that bread is too expensive for them.
0 replies 0 reposts 1 likes
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工an Monroe 🚰
@eean.dev
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Wonder how this data deals with doordash deliveries. It is really funny that people pay $$$ for lukewarm fast food delivered slowly though.
0 replies 0 reposts 28 likes
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Just S
@justs.bsky.social
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In my anecdotal experience of having 2 teenagers who can now leave campus for lunch, fast food IS more expensive than it was pre-pandemic, but the $ gap between restaurants with drive-thrus and fast casual has narrowed Also think Door Dash-ification has wildly skewed many people's cost perceptions
0 replies 0 reposts 2 likes
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Regnad Kcin
@dmax801.bsky.social
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But that’s dollars and not volume. Are we seeing fewer purchases or just the same usage but at higher prices? If food deserts are prevalent or Kids These Days™ haven’t learned how to cook or don’t have the facilities to cook in their capsule apartments, then there’s no choice in where they eat.
3 replies 0 reposts 15 likes
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Jacob
@raoulduke1976.bsky.social
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I’m sorry but if you’re pointing at fast food sales as some sort of win for your economy you’re fucked from get.
0 replies 0 reposts 3 likes
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Jean Hackman, daughter of Gene
@tmcatee.bsky.social
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I'm curious... rather than looking at $ sales, what do the product sales numbers look like? I have a feeling it's flat to down.
0 replies 0 reposts 0 likes
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Pouchmouse
@pouchmouse.com
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People are saying that fast food is becoming too expensive, and here’s a graph showing that people are having to spend way more on fast food than they did before?
1 replies 0 reposts 10 likes
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Jakob Thomae
@jakobthomae.bsky.social
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Giffen good?
0 replies 0 reposts 1 likes
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Oceanomics
@trouleau.bsky.social
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This data is kind of old, lots has changed in 7 years…
0 replies 0 reposts 0 likes
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Technical Debt Jubilee
@ianwsmith.bsky.social
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Perceptions of 'acceptable' pricing are anchored in past experiences, so the price gouging on low cost high volume items by corporations has an undue effect on the perception of affordability.
0 replies 0 reposts 1 likes
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@hawkslight.bsky.social
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Number of dollars shouldn't be the measure, but number of average meals. If the cost of fast food has risen but people are still spending the same amount (or more, depending on price increase), people may still be eating less fast food because they're getting less for the same amount of money.
0 replies 0 reposts 2 likes
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makana
@hemakaainana.bsky.social
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Is there any contradiction between this chart and the sentiment? If prices go up, revenue/total spending doesn’t necessarily decline. Granted 78% is high.
0 replies 0 reposts 0 likes
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Ellery
@biknmusicmama.bsky.social
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Refusing to cook at home is expensive it turns out
0 replies 0 reposts 0 likes
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@boyuakd.bsky.social
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I work in a diner. We are as busy if not busier than we were before Covid. People may complain a bit more about how expensive the food is but people have always complained about how expensive things are.
0 replies 0 reposts 5 likes
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@AnnWilliams
@annwilliams.bsky.social
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I don't usually listen to surveys, but it's true
0 replies 0 reposts 0 likes
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Ryon Frink
@frink.bsky.social
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Are you familiar with Credit Cards?
1 replies 0 reposts 2 likes