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Ep. 184 News by the Numbers

Peter St Onge Podcast

Hi, this is Peter St Onge. Every week I grab key numbers torn from the headlines to make sense of what just happened, why it matters, and what comes next. No jargon, no mainstream spin, no agenda beyond maximum liberty and prosperity. New episodes drop every Friday morning at 730 Eastern on the dot on my completely free Substack at profststonge.com. Let's get started.

30%. That's how cheap New York Mayor Comrade Bombani says the new city run grocery stores will be. In order to stop the entire state of New Jersey driving over the bridge to get 30% off groceries, he also announced the stores will be checking ID to make sure you are a real New Yorker. Of course, we all know requiring ID is very racist and no married woman will be able to buy groceries, which seems cruel.

So the problem with Bombani's cheap eats is groceries as an industry sport about 2% profit margins, as in they make 2 cents on the dollar. So if you're selling 30% below, then a couple of interesting things happen. First, the taxpayer is losing at least 28 cents on the dollar, which quickly adds up to millions. And that's assuming that city run groceries can operate with the same efficiency as a real grown up grocery store like Aldi or Walmart.

Second, if shoppers are getting 30% off, they're not going to regular grocery stores, meaning regular grocery stores will lose masses of customers driving the marginal ones out of business. Then third, taxpayers get sick of losing tens or hundreds of millions and push to reduce the subsidies. Without subsidies and locked into those 30% discounts, the only way for these stores to survive is cut back on quality.

Ep. 184 News by the Numbers

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Ep. 184 News by the Numbers

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.