News Story of the Day: Subway, the maker of sandwiches that used to include the same ingredient found in yoga mats, is shutting down hundreds of locations across the United States.
The fast-food chain is retreating from its aggressive expansion plans from just a few years ago. This year, it will close 500 or more of its U.S. locations. This comes as the company shuttered 800 stores in 2017. Total U.S. stores now stand at 25,908.
“We want to be sure that we have the best location,” Chief Executive Officer Suzanne Greco told Bloomberg. “We focused in the past on restaurant count. We’re focused now on strengthening market share.”
“Store count isn’t everything,” she said. “It’s about growing the business.”
Moving forward, Subway plans to bank on a loyalty rewards program and to invest more in overseas operations.
Chart of the Day: is this the most important chart for investors of the century? That’s what MarketWatch says as it looks at U.S. government debt, which remains a massive problem for Republicans and Democrats (but isn’t Stormy Daniels the No. 1 news story facing the nation?).
Illustration of the Day: politicians and academics are always trying to determine ways to make poor people less poor. Should you dare come up with a reasonable and logical solution, you will be chastized!
Quote of the Day: Donald Bourdreaux is at it again on countering trade claims from protectionist figures. Here is yet another one:
Alan Tonelson is confused about the trade deficit (“Behind the falling dollar,” Commentary, Monday). First, he assumes that a trade deficit is synonymous with indebtedness. It is not. Second, he accuses the high U.S. trade deficit of prompting the dollar’s fall and, thereby, threatening the dollar’s status as an international currency. He forgets that demand for dollars as an international currency itself is a large factor contributing to the U.S. trade deficit. Third, he worries that our trade is imbalanced. It isn’t, for our current-account deficit is matched by our capital-account surplus.
Tweet of the Day: Hank Azaria is on an apology tour right now because some people are offended by the Apu character from “The Simpsons,” which was only great in its first 10 years. Despite Apu being a pretty complex character (a Ph.D., small business owner, husband, and father), the media are whining about his voice and how it is a stereotype. Yet, the perpetually offended are forgetting about the other character stereotypes:
— Mance Rayder 💭 (@mnrothbard) April 26, 2018
Thought of the Day: so, apparently rapper Kanye West is a supporter of President Donald Trump, or, at the very least, has consumed the so-called Red Pill. But does it really matter? For years, conservatives have griped that liberal celebrities should just keep their mouths and do whatever it is they do. Now, the right, seeing a cultural icon (unfortunately) start sporting MAGA caps, is getting excited. Isn’t it a bit hypocritical to tell celebrities to “shut up and [insert here]” but then rejoice when they endorse your political philosophy? The left’s hysterical reaction has been hilarious, but the right clamoring for acceptance has been just as comical.
Video of the Day: Robert Wenzel and Walter Block spoke about Wenzel’s new book about Private Property Society theory. It was a compelling read and it created a great conversation between Block and Wenzel. Here is the interview:
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