{"id":2265278,"date":"2024-06-11T17:27:02","date_gmt":"2024-06-11T21:27:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tanks-kevin-oleary-explains-why-restaurants-are-closing-in-america-warns-its-only-the-beginning\/"},"modified":"2024-06-11T17:33:34","modified_gmt":"2024-06-11T21:33:34","slug":"shark-tanks-kevin-oleary-explains-why-restaurants-are-closing-in-america-warns-its-only-the-beginning","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tanks-kevin-oleary-explains-why-restaurants-are-closing-in-america-warns-its-only-the-beginning\/","title":{"rendered":"Kevin O&#8217;Leary of &#8216;Shark Tank&#8217; discusses why American restaurants are shutting down, cautioning that this is just the start"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fshark-tanks-kevin-oleary-explains-why-restaurants-are-closing-in-america-warns-its-only-the-beginning%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2265278&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>This article\u2064 from The Western Journal, written \u200dby Allison Anton, discusses the significant economic challenges facing fast-criminal \u2062restaurants in the United States, emphasizing the impact of inflation and policy decisions\u2064 by the Biden administration. The piece notes that despite claims of economic recovery,\u2064 restaurants,\u200b including well-known chains like Red Lobester and Cracker \u200cBarrel, are experiencing \u200dsevere difficulties, \u200cwith many shutting down or declaring bankruptcy.<\/p>\n<p>Kevin O\u2019Leary, a panelist \u2064on &#8220;Shark Tank,&#8221; attributes much of\u200b the hardship\u2064 to changes brought by the pandemic such as increased work from home culture and a surge in takeout services, \u200dbut he primarily blames rampant inflation for the \u200cstruggles.\u200b O\u2019Leary argues that inflation, spurred \u200bby extensive \u2063government spending under President Biden,\u2062 has stifled \u2063consumer spending on dining out by eroding disposable income and \u2062driving up the costs of groceries and transportation. Additionally, the \u200dinflation has\u2063 increased the prices of ingredients for restaurants, leading to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/minimum-wage-hike-led-to-higher-prices-at-mcdonalds-study-finds\/\" title=\"Minimum Wage Hike Led To Higher Prices At McDonald\u2019s, Study Finds\">higher menu prices<\/a> \u2064and reduced customer patronage.<\/p>\n<p>The\u2064 article further discusses \u200dthe\u200c specific situation in California,\u2064 where legislative actions like the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/twenty-two-states-just-increased-their-minimum-wage-heres-what-to-know\/\" title=\"22 states have raised their minimum wage. Here's what you need to know\">minimum wage \u200bincrease<\/a> have further strained the restaurant industry, particularly harming small, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-communitarian-revolt-against-government-lockdowns\/\" title=\"The Communitarian Revolt Against Government Lockdowns\">family-owned businesses<\/a>. O\u2019Leary \u2064is harshly \u200bcritical of Governor Gavin \u200dNewsom and suggests that the policies\u200c enacted reflect\u2062 a disconnect from economic realities \u2063and are \u2062detrimental to business owners.<\/p>\n<p>the author echoes O\u2019Leary\u2019s \u2063sentiments that the Biden \u200cadministration&#8217;s economic policies, termed &#8216;Bidenomics&#8217;, \u200bhave been disastrous \u2064for the restaurant industry and the broader economy, effectively undermining the financial wellbeing \u2062of \u2062average Americans and the survival of businesses. The article positions the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-appears-to-be-a-popular-lead-for-2024-straw-poll-shows\/\" title=\"DeSantis Appears To Be A Popular Lead For 2024, Straw Poll Shows\">upcoming 2024 presidential election<\/a> as a \u2064critical juncture for correcting \u200cthese issues.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/aanton\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/aanton\/%20\"><span>Allison Anton<\/span><\/a> <\/span> <span>   June 11, 2024 at 11:43am <\/span> <\/span>  <\/header>\n<section>\n<p>Despite the end of the COVID-19 pandemic two years ago and the Biden administration\u2019s baseless brags regarding the economy, restaurants have been shutting down in staggering numbers.<\/p>\n<p>Fast-casual restaurants in particular have borne the brunt of this sagging market.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/red-lobster-files-bankruptcy-announces-stalking-horse-sale\/\" target=\"_blank\" rel=\"noopener\">Red Lobster<\/a> recently declared bankruptcy, <a href=\"https:\/\/www.westernjournal.com\/classic-american-restaurants-shares-plummet-20-ceos-painful-admission-just-not-relevant\/\" target=\"_blank\" rel=\"noopener\">Cracker Barrel<\/a> saw its market shares tank, and many other restaurants have been <a href=\"https:\/\/www.westernjournal.com\/mexican-chain-rubios-closing-48-locations-2-months-california-changed-law\/\" target=\"_blank\" rel=\"noopener\">closing locations<\/a> by the score.<\/p>\n<p>Though many factors could be blamed for this \u2014 the increase in working from home depriving lunch spots of customers, or the takeout boom from the pandemic encouraging more customers to stay home \u2014 <a href=\"https:\/\/www.westernjournal.com\/shark-tanks-kevin-oleary-backs-musks-twitter-bid-calls-dantes-fire-board-members\/\" target=\"_blank\" rel=\"noopener\">Kevin O\u2019Leary<\/a> shared his perspective Tuesday in an Op-Ed for the U.K.\u2019s <a href=\"https:\/\/www.dailymail.co.uk\/yourmoney\/consumer\/article-13515307\/fast-food-chains-closing-layoff-kevin-oleary.html\" target=\"_blank\" rel=\"noopener\">Daily Mail<\/a>.<\/p>\n<p>According to the \u201cShark Tank\u201d star, while the aforementioned <a href=\"https:\/\/www.westernjournal.com\/restaurant-newsom-caught-eating-covid-got-17x-ppp-funding-bay-area-restaurants\/\" target=\"_blank\" rel=\"noopener\">pandemic-related<\/a> changes played a significant role, the most significant factor in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/food-food-resigns-supreme-as-restaurants-struggle-with-inflation\/\" title=\"Food Food Resigns Supreme as Restaurants Struggle With Inflation\">fast-casual restaurants<\/a>\u2019 struggles has been rampant inflation.<\/p>\n<p>While businesses can offset the loss of revenue by restructuring, laying off employees or moving to <a href=\"https:\/\/www.westernjournal.com\/california-taxes-overregulation-force-1800-businesses-relocate\/\" target=\"_blank\" rel=\"noopener\">cheaper areas<\/a>, none of those tactics will help if the potential customers are not spending.<\/p>\n<p>And with the runaway inflation created by the Biden administration\u2019s massive expenditures, middle-class Americans not only have been deprived of much of their disposable income but have been forced to allocate most of their income to bills, transportation costs and increasingly <a href=\"https:\/\/www.westernjournal.com\/watch-biden-says-americans-money-spend-high-priced-groceries-cnn-interview\/\" target=\"_blank\" rel=\"noopener\">expensive groceries<\/a> rather than eating out, the man known as \u201cMr. Wonderful\u201d said.<\/p>\n<p>Likewise, O\u2019Leary explained, inflation has increased the prices of ingredients and materials for restaurants, forcing them to increase menu prices \u2014 meaning fewer people can afford to eat out.<\/p>\n<p>\u201cUnfortunately, there\u2019s no telling when \u2014 if ever \u2014 these prices will come back down to Earth,\u201d he wrote.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Do you agree with Kevin O\u2019Leary?<\/p>\n<\/p><\/div>\n<p>The restaurant business has suffered the most in California, thanks to the exorbitant cost of living there along with the recently instituted $20 minimum wage for fast food workers signed into law by Democratic Gov. <a href=\"https:\/\/www.westernjournal.com\/gavin-newsom-celebrates-california-economy-twitter-gets-fact-checked-immediately\/\" target=\"_blank\" rel=\"noopener\">Gavin Newsom<\/a>.<\/p>\n<p>\u201cNewsom\u2019s far-left government is completely disconnected from the reality of inflation \u2014 and the Governor has the blood of these failed businesses on his hands,\u201d O\u2019Leary wrote.<\/p>\n<p>As both he and the <a href=\"https:\/\/www.latimes.com\/food\/story\/2024-05-15\/restaurant-industry-economic-crisis-los-angeles\" target=\"_blank\" rel=\"noopener\">Los Angeles Times<\/a> pointed out, the mom-and-pop businesses have been the ones suffering the most from inflation.<\/p>\n<p>Overall, the <a href=\"https:\/\/restaurant.org\/research-and-media\/research\/inflation\/\" target=\"_blank\" rel=\"noopener\">National Restaurant Association<\/a> reported that more than 88 percent of restaurateurs said their operating costs were higher than in 2019, and more than 90 percent are still reporting supply chain issues.<\/p>\n<p>Clearly, President Joe Biden\u2019s economy has been such a disaster, and it has forced <a href=\"https:\/\/www.westernjournal.com\/mcdonalds-offering-free-nuggets-inflation-makes-prices-skyrocket-get\/\" target=\"_blank\" rel=\"noopener\">iconic restaurants<\/a> to shut down, in part or even completely.<\/p>\n<p>\u201cAs much as President Biden is desperate to convince the American people that \u2018Bidenomics is working,&#8217;\u201d O\u2019Leary wrote. \u201cIt\u2019s not.<\/p>\n<p>\u201cPerched on his wobbling podium, Biden expounds that he is rebuilding the economy from the bottom up.<\/p>\n<p>\u201cThis evidence suggests otherwise.\u201d<\/p>\n<blockquote>\n<p lang=\"en\" dir=\"ltr\">This is caused by Bidenomics. Absolutely NOTHING is better<\/p>\n<p>\u2014 Ninasdolcevida (@ninasdolcevida) <a href=\"https:\/\/twitter.com\/ninasdolcevida\/status\/1800506391368712371?\">June 11, 2024<\/a><\/p>\n<\/blockquote>\n<p>Inflation has decimated ordinary people\u2019s incomes and nearly every facet of business in the United States.<\/p>\n<p>What the nation needs is not four more years of a <a href=\"https:\/\/www.westernjournal.com\/biden-killing-economy-inflation-remains-high-consumer-spending-weakens\/\" target=\"_blank\" rel=\"noopener\">geriatric spendthrift<\/a> at the helm, but someone who has a track record of keeping inflation in check and improving life for all Americans.<\/p>\n<p>Hopefully, the pain of inflation will be the motivation many people need to cast their ballots for former President Donald Trump in November.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>I heard a chilling comment the other day: \u201cWe don\u2019t even know if an election will be held in 2024.\u201d <\/span><\/i><\/p>\n<p><i><span>That wasn\u2019t said by a conspiracy theorist or a doomsday prophet. No, former U.S. national security advisor Lt. Gen. Michael Flynn said that to the founder of The Western Journal, Floyd Brown.<\/span><\/i><\/p>\n<p><i><span>Gen. Flynn\u2019s warning means that the 2024 election is the most important election for every single living American. If we lose this one to the wealthy elites who hate us, hate God, and hate what America stands for, we can only assume that 248 years of American history and the values we hold dear to our hearts may soon vanish.<\/span><\/i><\/p>\n<p><i><span>The end game is here, and as Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>All of this means that <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without you<\/span><\/i><\/a><i><span>, it\u2019s over. We have the platform, the journalists, and the experience to fight back hard, but Big Tech is strangling us through advertising blacklists, shadow bans, and algorithms. Did you know that we\u2019ve been blacklisted by 90% of advertisers? Without direct support from you, our readers, we can\u2019t continue the fight.<\/span><\/i><\/p>\n<p><i><span>Can we count on <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>your support<\/span><\/i><\/a><i><span>? It may not seem like much, but a <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Western Journal Membership<\/span><\/i><\/a><i><span>  can make all the difference in the world because when you support us directly, you cut Big Tech out of the picture. They lose control. <\/span><\/i><\/p>\n<p><i><span>A monthly Western Journal Membership costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>We are literally counting on you because without our members, The Western Journal would cease to exist. Will you <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  in the fight? <\/span><\/i><\/p>\n<p><i><span>Sincerely,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>The Western Journal<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-45810\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/aanton\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-45810\">Summary<\/label><label for=\"posts-tab-radio-45810\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-45810\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Allison Anton dabbles in fiction, as well as commenting on depressing modern trends and media. She calls the metro Atlanta area home, and when she\u2019s not writing, she\u2019s creating a loving home for her amazing husband.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commentary by Allison Anton, June 11, 2024: Two years post-COVID-19, despite optimistic economic claims from the Biden administration, restaurants, especially fast-casual ones, are closing en masse. Recently, Red Lobster filed for bankruptcy, joining Cracker Barrel in the downturn<\/p>\n","protected":false},"author":2577,"featured_media":2265279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/OLeary.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2265278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/OLeary.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2265278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2577"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2265278"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2265278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2265279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2265278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2265278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2265278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}