Op-Ed: Millions of small businesses are about to collapse. We can't afford the mistakes we made in 2008 [Los Angeles Times (CA)]
Starbucks Corporation (SBUX)
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Source: Los Angeles Times
The last time America suffered an economic meltdown in 2008 we came out of it poorly. Yes, the economy and the stock market recovered. So did the banks, with a big assist from Uncle Sam. But millions of homeowners were left with mortgage debts that squeezed their disposable incomes to the vanishing point. The unshared recovery proved a downer in two ways. First, the recovery was unusually sluggish. Secondly, it gave rise to simmering class resentments. Arguably, it led to the election of Donald Trump. How can we avoid a similar shock this time? Every depression is distinct, but I’d argue that the victims of the COVID-19 depression — this year’s version of households drowning in mortgage debt — are America’s small businesses. This time, the economist Ken Rogoff says, “The small businesses are getting slaughtered.” A decade ago, the subprime crisis blew up the entire economy. This time, the shock to small business has led to a vicious multiplier effect: Those shuttered hair salons aren’
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SBUX
Earnings
- 10/29/25 - Miss
SBUX
Sec Filings
- 11/20/25 - Form 4
- 11/20/25 - Form 4
- 11/20/25 - Form 4
- SBUX's page on the SEC website