Inflation is driving 'Great Resignation,' former Walmart CEO says
The Conference Board survey shows 55% of U.S. CEOs expect inflation to continue until at least mid-2023
Former Walmart CEO: Inflation driving The Great Resignation
Former Walmart president and CEO Bill Simon argues workers leaving their jobs is ‘unsettling’ for businesses.
The former president and CEO of Walmart U.S., Bill Simon, argued inflation is driving "The Great Resignation," and workers leaving their jobs is "unsettling" for businesses.
"While we're struggling with inflation and supply chain issues…our leaders are meeting on things like voting rights bills, things that are not relevant to the day-to-day lives of Americans," Simon said on "Cavuto: Coast to Coast," Thursday.
Simon’s comments come as a new survey from The Conference Board shows 55% of U.S. CEOs expect inflation to continue until at least mid-2023. Most CEOs say labor issues are their biggest concerns, according to the survey.
RED-HOT INFLATION EATING AWAY AT MOST AMERICANS' WAGE GAINS
"It is a perfect storm," Simon told FOX Business. "[U.S. leaders] need to sort of push all those other things aside and understand the pain that's happening in America today."
Former Walmart CEO on how inflation, supply chain issues impact businesses
Former Walmart president and CEO Bill Simon says the U.S. won’t solve inflation until there’s a solution to the supply chain issue.
Meanwhile, the former Walmart CEO noted business leaders are faced with "very difficult decisions" when attempting to operate their company’s day-to-day. Simon added CEOs are faced with "uncertainties" such as coronavirus guidelines and vaccine mandates.
FILE - ,Cargo containers sit stacked at the Port of Los Angeles, Wednesday Oct. 20, 2021 in San Pedro, Calif. California Gov. (AP Photo/Ringo H.W. Chiu / AP Newsroom)
"The federal government…is placing the burden on businesses, and that’s making it even more difficult," he remarked.
Jan 9, 2020 Mountain View / CA/ USA - People shopping at a Walmart store in south San Francisco bay area (iStock / iStock)
Simon predicted Americans will experience inflation throughout 2022 and said the federal government needs to "focus" on finding a solution to the supply chain issue.
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He suggested the federal government work with the Defense Logistics Agency to potentially help "untangle" the supply chain issues in the "short run."
"It's sort of like a tangled wire. You're not going to solve inflation until you solve the supply chain issues," he concluded. "You're not going to solve [the] supply chain [issues] until we finally get enough people to work through COVID or figure out how to detangle COVID."
