- cross-posted to:
- oregon@lemmy.ml
- cross-posted to:
- oregon@lemmy.ml
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Surprising no one. Easy money spigot (low fed interest rates) turned off in 2022 after nearly 15 years of unprecedented low rates, which is the lifeblood of new enterprise so it’s expected the new openings would decrease. During that 1t years there were also lots of new enterprises that should never have been, but with money that cheap certain things were risked or penciled out at the time.
Combine that with the insanity of trying to run a business in the utter chaos and instability of the last 18 months, it’s no wonder businesses are closing at higher rates.
Many industries have entered into a massive depression driven by trade disruptions.
The stock market is detached from reality on a AI cocaine high worse than the roaring 1920’s. We are currently looking at a 10+ year depression and WW3 at the end.
The service industry is getting hit especially hard.
Sure, layer in the cyclical expansion of restaurants and breweries/wineries that fed on cheap interest rates/loans and combine it with Portland being one of the harder-hit cities with COVID foot traffic changed as well as one of the least affordable cities(wages vs. COL) in the nation and you’re bound to see pullback in discretionary spending and F&B are among the first things to be cut–especially at the prices they want to charge in Portland.
This holds up with what I’ve seen in Portland. Lots of businesses going out - Dollar Tree closed lots of locations. They said it was because the rent was too high.
It’s crazy to see Portland now comparted to 10 years ago. It’s been through so much. With that said, things are getting better. But everything is different.
