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Mike Lee @BasedMikeLee - Government-run grocery stores:
Brilliant move if you’re into socialism
Horrific move if you’re into history
Or business
Or math
Or economics
Or avoiding food shortages
Quoted Post:
Peter St Onge, Ph.D. @profstonge - 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 🙌