McDonald’s Slims Down in the U.S. for the First Time
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For the first time in at least 45 years — and maybe the first time in its history — McDonald’s says that this year it will close more restaurants in the U.S. than it opens.
An Associated Press review of McDonald’s filings with the Securities and Exchange Commission found that the company hasn’t slimmed down the number of restaurants it operates in the U.S. since at least 1970. McDonald’s as we know it was founded in 1955 and grew quickly in its early years, making it likely that 2015 will be the first time it takes down more Golden Arches than it puts up in the U.S.
Related: Why Chipotle Wants to Give Its Workers More Than a McJob
McDonald’s does shutter underperforming locations every year, but up until now the number of closings has been outweighed by new openings. The world’s biggest hamburger chain has been struggling to grow sales as consumers turn to chains like Chipotle and Five Guys Burgers and Fries, which market themselves as serving better food and ingredients.
McDonald’s is still growing globally, though. It has about 36,000 locations across the globe and plans to expand that total by about 300 this year. In addition, the chain is still indisputably the country’s largest hamburger chain, with more than twice as many restaurants as its main rival, Burger King.
McDonald’s spokeswoman Becca Hary told the AP that relative to the roughly 14,300 U.S. locations, the net reduction in U.S. stores would be “minimal,” though she declined to give an exact number.
GOP Tax Cuts Getting Less Popular, Poll Finds
Friday marked the six-month anniversary of President Trump’s signing the Republican tax overhaul into law, and public opinion of the law is moving in the wrong direction for the GOP. A Monmouth University survey conducted earlier this month found that 34 percent of the public approves of the tax reform passed by Republicans late last year, while 41 percent disapprove. Approval has fallen by 6 points since late April and disapproval has slipped 3 points. The percentage of people who aren’t sure how they feel about the plan has risen from 16 percent in April to 24 percent this month.
Other findings from the poll of 806 U.S. adults:
- 19 percent approve of the job Congress is doing; 67 percent disapprove
- 40 percent say the country is heading in the right direction, up from 33 percent in April
- Democrats hold a 7-point edge in a generic House ballot
Special Tax Break Zones Defined for All 50 States
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The U.S. Treasury has approved the final group of opportunity zones, which offer tax incentives for investments made in low-income areas. The zones were created by the tax law signed in December.
Bill Lucia of Route Fifty has some details: “Treasury says that nearly 35 million people live in the designated zones and that census tracts in the zones have an average poverty rate of about 32 percent based on figures from 2011 to 2015, compared to a rate of 17 percent for the average U.S. census tract.”
Click here to explore the dynamic map of the zones on the U.S. Treasury website.
Map of the Day: Affordable Care Act Premiums Since 2014
Axios breaks down how monthly premiums on benchmark Affordable Care Act policies have risen state by state since 2014. The average increase: $481.
Obamacare Repeal Would Lead to 17.1 Million More Uninsured in 2019: Study
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A new analysis by the Urban Institute finds that if the Affordable Care Act were eliminated entirely, the number of uninsured would rise by 17.1 million — or 50 percent — in 2019. The study also found that federal spending would be reduced by almost $147 billion next year if the ACA were fully repealed.
Your Tax Dollars at Work
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Mick Mulvaney has been running the Consumer Financial Protection Bureau since last November, and by all accounts the South Carolina conservative is none too happy with the agency charged with protecting citizens from fraud in the financial industry. The Hill recently wrote up “five ways Mulvaney is cracking down on his own agency,” and they include dropping cases against payday lenders, dismissing three advisory boards and an effort to rebrand the operation as the Bureau of Consumer Financial Protection — a move critics say is intended to deemphasize the consumer part of the agency’s mission.
Mulvaney recently scored a small victory on the last point, changing the sign in the agency’s building to the new initials. “The Consumer Financial Protection Bureau does not exist,” Mulvaney told Congress in April, and now he’s proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter).