It’s the McEconomy, Stupid

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I alluded to it in my intro post, but this is worth highlighting:

Up to 30,000 of the 54,000 jobs created in May were the result of a hiring spree by the hamburger chain, analysts at Morgan Stanley told Market Watch on Friday.

So hiring at McDonald’s accounted for about half of the nation’s job growth in May. What lessons can we draw from this? One, obviously, is that the economy is anemic and lurching toward a “double dip”—which isn’t some new dessert concoction at McDonald’s. While unemployment hovers at 9 percent, job creation has slowed to a trickle—and what jobs are on offer tend to be of the burger-flipping, minimum-wage variety. As CBS Market Watch Washington Bureau Chief Steve Goldstein put it, “There’s a case to be made for the benefit of fast-food restaurant employment, but it’s obviously not the foundation for sustained economic growth.

The second lesson is that McDonald’s itself obviously sees opportunity in this crisis. It made 25,000-30,000 net hires in just one month. That’s a pretty big bet that its “dollar menus” and other cheap calorie blasts will remain popular among a cash-strapped populace having to work ever harder to stary in place. That’s good news for Mikky D’s shareholders—and bad news for public health in a nation besieged by chronic maladies caused by an excess of low-quality calories.
 

 

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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