An executive at a restaurant had a good idea on how to deal with inflation. Wayne Pankratz, a bigwig at American Franchise Capital, which owns and operates 50 Applebee's locations throughout the Midwest, sent his fat cat vision to his colleagues in an email that went viral. The higher gas prices being felt across the country could benefit their business by forcing more people into the workforce out of desperation, which he thought would be great to exploit in lower wages for new hires. He says it's as bad as it sounds. The guy goes on to say that many of their employees are paycheck to paycheck people, and that can help them in putting a little extra squeeze on their hourly rate. He thought that since their disposable income would be low, they would likely see an increase in applicants, who would be more likely to take less money than other jobs that might pay better. Pankratz believes that the federal government has forced people back to work because of the end of the stimulus checks, and that is a pro for his would-be plan. It is a bizarre economic philosophy and it has not been well received online. His investment firm and corporate office have distanced themselves from him. Pankratz has been placed on leave, and each organization says his thoughts don't represent their values. They are in the middle of a controversy that might last a while. Some won't be good in the neighborhood after this.
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