Appearing on Sunday's Fox & Friends Weekend, former Walmart CEO Bill Simon warned consumers that massive layoffs combined with the disastrous inflation crisis hurts “100 percent of the population.”
Simon stressed that “we have to get this inflation under control.” He commented that an economic recession may only hurt “2 to 3 percent” of the population but that inflation hurts everybody. He explained that if America has “[a]nother year of high single-digit, low double-digit inflation ... we're going to be in a world of hurt because inflation hurts 100 percent of the population.”
President Joe Biden boasted of deceptive economic growth and made baseless claims of record low unemployment rates, but the numbers don’t lie.
Simon said, "[I]t’s crazy right now. We're stuck in this loop of, you know, wage inflation, product inflation, cost inflation, and it's just that cycle keeps going.” He called the growing crisis “an inevitable byproduct of some of the Fed moves” and noted that layoffs may be “the necessary medicine we have to take to kind of cool things down and get the inflation back under control.”
Both Google and Amazon announced plans to eliminate 12,000 and 18,000 roles respectively in January. Bed Bath and Beyond is closing an additional 87 stores as the company reportedly prepares for bankruptcy.
Fox Business reported that the labor market “is beginning to soften” under the recent shockwave of major corporate layoffs. Meanwhile, according to Simon’s analysis, illegal immigrants are weighing down the inflated economy.
“Immigration’s a problem too. We need workers, but we need workers we can employ–that are in the country legally,” he said. “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.”
Simon also noted that wage increases combined with rising costs may slow economic recovery. "Food costs have gone up 23 percent in the last two years. So now, wages have gone up 17 percent at Walmart, 25 percent at Delta for pilots, 25 percent for the rail industry,” he said. “[W]age increases like that sort of counteract the, the, you know, the employment layoffs that we’re starting to see. So, there’s a lot going on.”
Preposterously, President Biden recently tweeted Jan. 29, 2023 that he has “never been more optimistic about America’s future” despite the fact that he has signed colossal spending bills that have contributed to the economic mess Americans are facing today.
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