In this video, I report on the astonishing new study from the Independent Restaurants Coalition that 85% of all small independent restaurants will likely go out of business by the end of 2020.
The economics are quite obvious. You're forced to shut down in an age where it's already incredibly difficult to make money in the restaurant business. Your expenses are bigger than your earnings. Your employees lose their jobs. Because the former employees are not making money, they can't go and eat at an restaurants either, they're spending less into the economy leading to other businesses going out of business.
With talk of a SECOND lockdown to come, this is an unmitigated disaster that will wipe out almost everything.
Of course while many small grocery stores were forced to close down, the big monopolies were able to stay open. In places like Britain small businesses that got loans are being asked to give the government equity in place of the debt.
Still, we here this absurd notion that this was all for collective "responsibility" and that it needed to happen. But it didn't. Yet here we are, they're calling for a second lockdown already.
Stay tuned for more from WAM!
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UBER foods likes this
I enjoy watching your videos Josh, many thanks. Glad you made it to Hive. Some industries landed on the wrong side of the axe as it fell.