Quote:
Originally Posted by iggy_oi
There are numerous restaurants that have cut prices or created specials to bring in customers. There is one restaurant(can't recall the name) that even advertises a wine special where the price stays low until the price of oil goes above a certain level. Lots of places have started offering kids eat free or buy one get one deals. Drove by Austen's pub in canyon meadows the other day and they actually have a sign that says "recession busting specials"
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You do realize that these things happen because the restaurant is hurting and these are usually desperate attempts to improve the bottom line, right?
What is happening in your glorious example of the market "correcting" is that these eateries are eating higher operational costs while suffering reduced business. It does not take an economics major to realize that the end result of this will be either the closure of the restaurant or reduced hours for the staff. And that will mean less money going into the economy.
So, really. Thank you for showing a tangible demonstration of the negatives outweighing the positives.