Encourage Economic Growth Not Kill It Says Puzder To Sen. Sanders – Market News Wire 24
The Market News Wire

Encourage Economic Growth Not Kill It Says Puzder To Sen. Sanders

Former CEO Andy Puzder of CKE Restaurants has criticized Senator Bernie Sanders fight for higher wages.

He says that Senator Bernie Sanders policy on raising minimum wages will kill economic growth.  Instead, he should shift focus to encouraging economic growth. Puzder in his talk with Charles Payne on Making Money on Wednesday says no such legislation is necessary to be passed by the Federal Government.

Senator Bernie Sanders, the Democratic Presidential Candidate has been protesting against the minimum wages paid to Walmart workers. He demands a boost in minimum wages to $15 an hour. Other giant companies have also been asked to raise minimum wages.

Former CEO Andy Puzder however, says that wages grow with economic growth. This growth is more powerful than the minimum wage bill passed by the federal government. This growth is already seen in wages in retail businesses and for those working in hotels and restaurants.

But proposals like those from Sanders will kill growth, he says. He feels that legislation is not necessary and it would become irrelevant by the time it comes into effect.

Further, Puzder believes that President Trump’s policies on the capitalist free market will make the economy grow on its own, which in turn will make wages go up.

Puzder continues his thoughts on minimum wages, saying that Walmart has to increase its wages even if there is no minimum wage imposed if it has to remain in the competition.

If Walmart wants the best employees, it has to increase its wages, even without government laws. Only then can they compete with workers at Amazon, Costco, and Target.

Target says that it would reach the stipulated minimum wage by 2020. Amazon has boosted its pay to $15 per hour last year to its warehouse workers.

$15 per hour will become superfluous by 2024, when the proposed bill by the Democrats may take effect, says Puzder.

Comments are closed.