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.
 

 

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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