Peter St Onge, Ph.D.
@profstonge
Daily Videos on Economics and Freedom.
Ex-professor, ex-bartender. Austrian economics.
Weekly articles at
Joined June 2011
13.1K Following 309.1K Followers
Mamdani announces city-run groceries will set prices *30%* below retail.
Typical grocery margins are 2%.
Meaning:
First, the city will lose ungodly amounts of money -- at least 28 cents on the dollar.
Second, below-cost stores will steal enough market share that real groceries abandon the city.
Third, taxpayers will get tired of the money hole and slash subsidies.
At which point city groceries become money holes full of rotting food, so New Yorkers will have to take 2 trains and a bus to find a real grocery store.
Socialism will work this time 🙌
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