During a recent meal at a family-run restaurant in a small town, I noticed that the owners included in the menu an apology note to customers for the high prices they were charging. We all understand the owners' predicament, as inflation has driven up the costs of pretty much everything, especially groceries. Nevertheless, customers who try to live within their budgets have little choice but to pare back their unnecessary restaurant trips.
I'm not the only one doing so. "Rising labor and food costs, ballooning interest rates, and corporate brand owners' demands for upgrades and operational improvements have strained profitability for a number of fast-food chain operators," according to a recent Bloomberg Law article focusing on increasing numbers of restaurant franchise bankruptcies. Inflation is hitting every industry, but those reliant on discretionary spending will suffer the most.
One would have expected the California Legislature to have recognized this industry's ongoing, post-COVID problems before adding to their burden. Lawmakers need only wander around the Capitol and notice the large number of long-time eating establishments that have shuttered. And yet one of their signature legislative accomplishments this year will only hasten restaurant closures and job losses.
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