“It is clear that broad-based consumer pressures persist around the world,” McDonald’s CEO Chris Kempczinski said on the fast food chain’s earnings call early Tuesday.
“Consumers continue[d] to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending.”
Sticky inflation has created a dark cloud over how everyday Americans perceive the health of the economy. Consumer confidence in April hit its lowest level since mid-2022 as high prices remained top of mind, according to data released Tuesday by the Conference Board.
At McDonald’s, that was evidenced through same-store sales growth coming in slightly below where Wall Street expected.
Kempczinski said that the Chicago-based company must be “laser focused” on affordability.
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The Biden administration is pumping trillions of dollars into the economy through the 4 stimulus bills they have passed and transferred debt from private citizens to the greater public, all by printing money out of thin air. What on earth were they expecting?
@DecimalUn1onDemocrat2yrs2Y
Inflation is currently at 3.5%. The average rate of inflation during Reagan's presidency was 4.6%. Please explain why Republicans or the public can never see how Dems are better for the economy.
@TermiteEvaForward2yrs2Y
We have been on an earnings spiral for the last 40 years since Regan cut taxes. When Regan became president the National debt was under 1 trillion dollars. Today it is greater than $34 Trillion. The only president to decrease the debt was Clinton. Today there are more than 54 billionaires with homes on the tiny island of Palm Beach.
My middle class family are still dying broke. I can guarantee that Ken Griffin net worth 37 billion has never paid his fair share of anything.
@E1ectoralBisonGreen2yrs2Y
By 'stimulus bills', I assume you mean the American Rescue Plan, the infrastructure bill, the CHIPS Act, and the Inflation Reduction Act. About half the funds from the American Rescue Plan have been spent, at least by State and local governments.
Prices, many prices, grocery prices, say, or gas, are high because manufacturers, retailers want them to be high.
"Why?", one might be excused for wondering.
Record profits across the board would be a reasonable answer.
Not just like "We're having a real good year" record profits... the highest record profits ever recorded record profits. "We raise prices and they just keep buying stuff, so we raise them some more" record profits.
Prices are high, n many cases, simply because corporations wish them to be high, and then higher, and because they have perverted our once-free markets
@ISIDEWITH2yrs2Y
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@MeerkatTerryLibertarian2yrs2Y
Buried in the article is that deficit is 5% of GDP. The Euro-zone stipulates a cap of 3% of GDP.
Given the total federal debt is around 100% of GDP, this means the total federal debt will double in about 14 years or by 2038 (using rule of 70 for compounding growth).
I'm not sure how current trajectory is sustainable.
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