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> almost anyone can afford 36 $50 payments. Most fast food employees can afford that. except if those fast food employees ceases to be employees in a downturn.

by chii 4y ago

> almost anyone can afford 36 $50 payments. Most fast food employees can afford that. except if those fast food employees ceases to be employees in a downturn. The problem is that taking on debt for consumable products is not a good financial decision. You don't need an iphone - you can live with a low-end android that could be had for less than $200.

seanmcdirmid 4y ago
Fast food usually picks up in downturns. It’s the fancier restaurants that lose business.
- simplotek 4y ago
  I don't think it's right to assume that fast food jobs are a hallmark of job security.
  - seanmcdirmid 4y ago
    The quote I was replying to was literally > except if those fast food employees ceases to be employees in a downturn Which just doesn’t happen in practice. I didn’t make any other claims in my comment.
- LegitShady 4y ago
  the workers dont benefit from fast food picking up, just the owners, so fast food employees aren't buying iphones on the bet that its a fast food pick up time.
  - seanmcdirmid 4y ago
    I worked at McDonald’s through one recession (early 90s) and it…gets busy. At least, fast food workers aren’t in danger of getting laid off during a recession (their business counter cycle’s recessions). See https://m.investing.com/analysis/chart-of-the-day-why-mcdonalds-defies-recession-200633500 https://m.investing.com/analysis/chart-of-the-day-why-mcdona...
    - LegitShady 4y ago
      less danger in lay offs doesn't matter with inflation pushing up rents, food costs, transportation costs, etc. The issue isn't the risk of lay offs, its that they already didn't make much money and now everything is more expensive. The $1000-1500 phone goes from 'expensive luxury' to 'a financial threat for little reason' when there are cheaper alternatives.
      - seanmcdirmid 4y ago
        That has nothing to do with the recession however: if anything recessions act to decrease inflation or even cause deflation. That’s why it’s counter cycle: being a fast food worker still isn’t great, but recessions lead to some small benefits.

by chii 4y ago

seanmcdirmid 4y ago

Fast food usually picks up in downturns. It’s the fancier restaurants that lose business.

simplotek 4y ago
I don't think it's right to assume that fast food jobs are a hallmark of job security.
- seanmcdirmid 4y ago
  The quote I was replying to was literally > except if those fast food employees ceases to be employees in a downturn Which just doesn’t happen in practice. I didn’t make any other claims in my comment.
LegitShady 4y ago
the workers dont benefit from fast food picking up, just the owners, so fast food employees aren't buying iphones on the bet that its a fast food pick up time.
- seanmcdirmid 4y ago
  I worked at McDonald’s through one recession (early 90s) and it…gets busy. At least, fast food workers aren’t in danger of getting laid off during a recession (their business counter cycle’s recessions). See https://m.investing.com/analysis/chart-of-the-day-why-mcdonalds-defies-recession-200633500 https://m.investing.com/analysis/chart-of-the-day-why-mcdona...
  - LegitShady 4y ago
    less danger in lay offs doesn't matter with inflation pushing up rents, food costs, transportation costs, etc. The issue isn't the risk of lay offs, its that they already didn't make much money and now everything is more expensive. The $1000-1500 phone goes from 'expensive luxury' to 'a financial threat for little reason' when there are cheaper alternatives.
    - seanmcdirmid 4y ago
      That has nothing to do with the recession however: if anything recessions act to decrease inflation or even cause deflation. That’s why it’s counter cycle: being a fast food worker still isn’t great, but recessions lead to some small benefits.