Former CKE Restaurants CEO Andy Puzder cautioned Friday the U.S. is heading towards a “stagflation economy,” telling “Cavuto: Coast to Coast” Friday the president is trying to generate economic growth while the Fed is trying to slow it down.
ANDY PUZDER: If labor participation were the same today as it was in February of 2020 when the pandemic began, unemployment would be 5.4%. Labor participation has a dynamic impact on that number. You have to remember that while Joe Biden is bragging about getting the economy going and all these jobs, the Fed is working in exactly the opposite direction, trying to bring employment down, they’re trying to bring wages down to get inflation under control.
MARKETS WILL BE IN FOR A ‘RUDE AWAKENING’ FOLLOWING JOBS REPORT, ECONOMIST WARNS
So you really have two major parts of the government working against each other, and I think what’s going to happen is we will wind up with a stagflation economy where we don’t have much growth. We’ve had two-quarters of basically negative growth, and you’ve got inflation continuing to be rampant and that is terrible for American consumers and working and middle-class families.
WATCH FULL INTERVIEW HERE: