How This Latest Attack on Chick-fil-A Could Actually Affect Your Retirement

Yesterday, I drove down to Maryland so I could spend the holidays with my family.

It’s a long drive from upstate NY to Charm City, but I had plenty of podcasts to catch up on, so it flew by.

Of course, being that it was Christmas Day, I had to make sure I had plenty of snacks for the drive, as most restaurants were closed. And I’m too old to nosh on gas station beef jerky and Red Bull.

Aside from some convenience stores connected to abandoned reststop food courts, everything was closed. But it was Christmas, and most folks got to take that day off.

But if NY State Assemblyman Tony Simone gets his way, that may no longer be the case.

Last week, Simone proposed legislation that would require all restaurants operating in rest stops on the New York Thruway to be open seven days a week.

Folks, I’m not making this up.

This is real legislation.

Make no mistake: this isn’t about what’s best for the commuters on the Thruway. This is a thinly veiled attack on a private company that he just doesn’t like.

The company in question? Chick-fil-A

And if you don’t believe it, check out what Simone had to say when discussing his new legislation …

“…not only does Chick-Fil-A have a long shameful history of opposing LGBTQ rights, it simply makes no sense for them to be a provider of food services in busy travel plazas. A company, that by policy, is closed on one of the busiest travel days of the week should not be the company that travelers have to rely on for food services.”

And there it is.

Now I’m not going to lie.

I’m not a fan of the company’s history of donating to anti-LGBTQ groups. But the last time I checked, there is no law dictating how and where a company can donate its profits. Nor should there be.

Since when have we allowed politicians to decide any company’s hours of operation?

But Simone isn’t alone.

Check out what NY State Senator, Michelle Hinchey, had to say …

“… we need to ensure that [rest stops] remain reliable hubs, especially on the busiest travel days of the year. If one of the main food options closes for just one day, it not only inconveniences travelers but also puts a significant strain on the food spots that are open, leading to longer wait times.”

Clearly Hinchey has little experience running a company, otherwise she would know that having a competitor closed on a busy travel day is a good thing.

The absurdity of this is just mind-boggling.

Furthermore, it’s dangerous.

Sunday Blues

Back in the 1950s, my grandfather managed a hardware store in Baltimore County.

At the time, few stores were open on Sunday. The Blue Laws back then didn’t allow most businesses to operate on Sundays.

This particular store was owned by a Christian family that typically closed their store on Sunday, anyway, since it was the day they went to church and spent time with their loved ones. That was, of course, until my grandfather started working for them.

Since my grandfather was Jewish, he had no need to skip work on Sundays. So he volunteered to run the store when his boss was at Church. Apparently, they needed special permission from the state to do this, which somehow they got.

So for years, my grandfather ran the store every Sunday. And as you can imagine, being one of the few stores open that day, Sunday turned out to be a very profitable day.

But one day a local politician decided that no store should be open on Sunday. And despite already getting permission from the state, this local politician sent the cops to the hardware store and had my grandfather arrested.

The store was also issued a fine and was ultimately forced to stay closed on Sundays.

While such a thing may not seem like it could happen today, you can never be too sure.

What if Simone’s absurd legislation passes?

Will the cops come and force Chick-Fil-A to open their doors on Sunday?

Will they force the company to abandon its multi-million-dollar contracts that were signed long before this legislation was introduced?

These are serious questions.

What if Chick-Fil-A were a public company and this legislation passed?

How would that affect the stock?

How would that affect shareholders?

Just on this news alone, the stock would be pressured.

And while Chick-Fil-A isn’t public, if such legislation were passed, it would set a precedent for other politicians to interfere with any company’s daily operations.

What if this were to happen to another company that is public, and is owned not just by individual shareholders but by pension funds and 401ks?

This isn’t just about taking a stand against government-sanctioned attacks on the free market. This is also about protecting your wealth and the wealth of literally millions of people.

I don’t mean to sound hyperbolic, but you just can’t let this stuff slide. There’s just too much at stake.

Personally, I don’t think this legislation has a chance of passing. But I’ll also be monitoring it closely, as the unlikely passage of such legislation could absolutely affect our ability to create and protect our wealth.

I hope you had a great Christmas and are enjoying the holidays with family and friends.

To a new way of life and a new generation of wealth…

Jeff Siegel Signature