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He’s not in the position to do that though. He’s a bartender. It’s clear he is advocating for higher wages and better conditions and even notes that the managem
by ipython 5y ago
He’s not in the position to do that though. He’s a bartender. It’s clear he is advocating for higher wages and better conditions and even notes that the management of the theater tried to do so but the national chain leadership shot them down.
- lotsofpulp 5y agoI know quite a few businesses that leveraged themselves with CMBS to refinance during the mid to late 2010s whose debt service coverage ratio are about to go below the agreed upon threshold because of rising labor costs. They borrowed money and gave up the business and land as collateral in exchange for some frothy valuations and limiting personal liability, but the terms are that if they exceed their DSCR, they enter default. https://www.investopedia.com/terms/d/dscr.asp https://www.investopedia.com/terms/d/dscr.asp
- alistairSH 5y agoThe correct solution to that problem is allowing those businesses to default. Not attempt to universally prevent wage increases.
- lotsofpulp 5y agoNo one is preventing wage increases other than the owners of the over leveraged businesses. I was just positing one reason why business owners would be so hellbent on prevent wage increases.
- mhb 5y agoThe reason the essay is of any note is because the bartender used to be someone who you would expect to understand what labor is actually like. I would also be pleased if he understood economics, but maybe in the next essay the former labor secretary takes an econ class and is surprised at what he discovers.