CounterPunch Exclusives

CounterPunch Exclusives

The Fast-Food Spending Index is Falling Fast

For the last several years I’ve been using real spending at fast food restaurants as a gauge for assessing how the non-rich are feeling about their personal finances. The logic is that it is a type of discretionary spending where people can easily make cutbacks if they are feeling squeezed.

Also, it should not be affected much by the spending of the rich. It’s not likely that Elon Musk eats more Big Macs when his wealth increases or he cuts back when SpaceX’s stock plunges.

And to be clear, I’m not saying the rich don’t eat fast food. I’m sure they do. The claim is just that their consumption of fast food is not affected much by changes in their short-term financial situation.

Anyhow, the story the index has been telling us in the last year is not a good one.

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