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Former Walmart CEO Warns Consumers against A “World of Hurt” Due to Mass Layoffs

  • Posted on January 30, 2023
  • News
  • By Akta Yadav
  • 305 Views
2023/01/IMG-20230130-WA0058-300x169.jpg
Former Walmart CEO:-
Bill Simon, the former Walmart CEO joined the Fox and Friends weekend show on 29th January 2023 (Sunday). The former Walmart CEO expressed serious concerns over the mass layoff by tech industries leading to a “world of hurt” and blamed the Biden administration for not taking any steps to curb the rising inflation. Former Walmart CEO Concerns of The Former Walmart CEO “We’re stuck in this loop of wage inflation, product inflation and cost inflation. And it's just that cycle keeps going”, said the former Walmart CEO. He pointed out that layoffs have become a common trend since the past two years and only 2,23,000 jobs have been successfully added to the economy during this whole span which does not make much of a difference. The former Walmart CEO warned that a “world of hurt” is emerging where the unemployment rate is expected to climb up to 4.6% from the current rate of 3.5% in the U.S. Companies are countering the growing inflation by laying off their employees in huge numbers. While all the consequences of such a mass layoff can be easily foreseen, the Biden-led government is hardly doing anything to save the US from such a “world of hurt”. Another Big Problem: Wage Inflation The former Walmart CEO also pointed out that on one hand, employees are being laid off to cool down the inflation and on the other hand, wages of existing employees have been raised by 17% in order to balance the price inflation of food and other utilities. This has brought a total imbalance. When wages of existing employees are inflated, there is little or no chance at all that the laid off employees will ever be absorbed back into the economy. The “world of hurt” is going to get worse with every passing year if expedient measures such as pumping in capital into the economy are not considered by the government. Former Walmart CEO

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Akta Yadav

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