Skip to comments.Consumers could be in a 'world of hurt' if Biden doesn't act soon, former Walmart CEO warns
Posted on 01/29/2023 1:36:51 PM PST by CFW
On Sunday, former Walmart CEO Bill Simon joined "Fox & Friends Weekend" to warn Americans of the detrimental impact corporate layoffs could have on the U.S.'s feeble economy.
"It's crazy right now. We're stuck in this loop of, wage inflation, product inflation, and cost inflation. And it's just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of some of the Fed's moves and as the necessary medicine we have to take to kind of cool things down and get the inflation back under control on some of these layoffs that are coming," Simon explained to co-host Will Cain.
(Excerpt) Read more at foxbusiness.com ...
When lay-offs hit middle-management at mid-sized and large companies and those making $100,000 to $200,000 per year receive their "pink slips" will they THEN believe that thing may not be as rosy as they have been led to believe?
How many corporations are now in the red? Not many. They want unemployment up and more legal and illegal immigrants to undercut wages not to make a profit but make a bigger profit.
He hates America. That is why he is doing it all on purpose.
Breakfast essentials: 1 quart Orange juice $6 1 doz eggs $8, Actual prices at grocery store!
Walmart gives to dems. That is a breach of their fiduciary obligation to their shareholders. Eff them.
Corporate America didn’t want Trump so they helped to elect a braindead gollum that they can’t control.
I just paid $5.01 for a dozen large eggs. 2 years ago you could get them for $1.28 or sometimes less.
Strawberries are cheap right now, so I’ll have to see how they go with Bacon...
Just kidding. Everything goes good with Bacon!
It’s precuselybecause of Bidung’s actions, Americans are hurting.
And democrats want to give federal workers an 8.7% raise just for having to “put up with Trump” during his Presidency. These are the people whose paycheck was deposited without fail while officials closed people’s businesses or places of employment. Not everyone received a paycheck during that time, but federal employees didn’t miss a paycheck. A raise such as that should certainly help ease inflation, wouldn’t you think.
These people are not misguided, they are evil. Their intent is to crush the middle-class so that the final result is the working/slave/dependent class, and then the benevolent rulers who live in the gated access mansions and who bestow their occasional “charity” on the masses they control.
So who prepared for this? Who has a stock of food and water? Who paid theirs debts and have zero loans? Who has a generator? Weapons? A stash of money? Etc etc.
Not many, I bet.
“We’re stuck in this loop of, wage inflation, product inflation, and cost inflation”
This to me is what the great reset is all about... Everybody thought making $18-$20 an hour was ok to pretty good... Soon everyone will think $30-40 will be good... But they won’t realise it’s basically just the same. The ones who win are everyone who gets to pay their debt with the inflated income... And who has the most debt? The government. So once everyone resets to this new norm life will go on for another 30 or 40 years until they have to do it again.
“Breakfast essentials: 1 quart Orange juice $6 1 doz eggs $8, Actual prices at grocery store!”
I’m waiting for the commenters who inform us that they purchased eggs for $1.49 a dozen and chicken for $1.99 a pound just yesterday. They never tell us where this mythical grocery store is located so we can all benefit from such low prices, but apparently they shop their frequently and take advantage of pre-2021 prices!
What an idiot. Biden, Schumer and Pelosi CAUSED the inflation problem along with The Fed.
Pay people to stay home, pay for it by increasing the money supply or by borrowing. If that works long term, why stop? Pay everyone to stay home. Do so for generations, centuries, perhaps millennia. The Nobel prize for economics should rightfully go to the Democratic party for instituting work-free socialism.
On the other hand, if the process is inflationary, just blame it all on greed (undefined).
Agree with your post—but what the Walmart guy got right is that once the inflation beast is born it has a life of its own—a true doom loop.
People will be shocked when they find out how high interest rates will have to get to get inflation under control for the long term.
"We need workers, but we need workers we can employ that are in the country legally. What's happening now is you're letting people in that can't participate in the workforce but do increase demand. So, you have increased demand driving prices up without the workforce to be able to service it. So, it's a complicated factor. Certain inputs are trying to solve inflation, but you have counteracting forces that kind of mess that up," he said.
Walmart would know - these illegals love to shop there. The one in Jerome, Idaho might as well be in Mexico City. Friend (of European ancestry) was terrified when she went there.
“Everybody thought making $18-$20 an hour was ok to pretty good...”
Remember when the “Fight for $15.00” started and activists were protesting in front of fast food restaurants complaining because they couldn’t survive on $12.00 per hour? Conservatives tried to explain then that artificial wage increases (without increased production) would mean that a loaf of bread would increase to $4.00. Such responses were ignored and we were told we didn’t understand economics.
I suspect many will soon learn that the true minimum wages is, in fact, zero!
But most people aren’t paying $6 and $8, either.
“Friend (of European ancestry) was terrified when she went there.”
Why? Is she some kind of a nut? Brown people scare her?
Huh. Maybe modern monetary theory doesn’t work. Maybe Milton Friedman was right.
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