CKE Restaurants CEO and JCN member Andy Puzder talks gas prices, Thickburgers and Wal-Mart on Fox Business News
From Wal-Mart, to gas prices, to restaurants – good things happen when the markets are allowed to run with no outside interference.
Puzder said the recent drop in gas prices has freed up money for consumers to spend on other things, most notably, restaurants:
“For example, if one of our company’s “young hungry guy” consumers is at the gas pump with $60 in his pocket and it takes $60 to fill the tank, he’s eating at home. If it takes $30 to fill the tank, he’s going to Carl’s Jr. or Hardee’s for a Thickburger.”
He also countered claims that Wal-Mart’s minimum wage increases stemmed from pressure by government and organized labor. Instead, Puzder said, Wal-Mart’s voluntary decision to pay workers more simply reflects the way markets work when left alone:
“Wal-Mart’s announcement demonstrates that economic growth is the most effective way to increase wages for American workers. Thanks, in great part, to the private sector’s innovative energy production techniques, the free enterprise system is beginning to once again function as it should. The retail sector in particular is seeing the potential for real and sustainable growth. Companies ranging from Starbucks to the Gap have announced starting pay increases similar to Wal-Mart’s. Economic growth creates an increase in the demand for labor. When the demand for something increases, so does the price; labor is no exception.”
To watch video of the interview, click here.
To read Puzder’s op-ed in its entirety, click here.