The former CKE Restaurants CEO Andy Puzder cautioned Friday that the U.S. is heading towards a stagflation economy, saying Cavuto: Coast to Coast Friday the president is trying to generate economic growth while the Fed is trying to slow it down.
ANDY PUZDER: If labor participation were the same as it was in February of 2020, unemployment would be 5.4%. Labor participation has an impact on that number. While Joe Biden is bragging about getting the economy going and all these jobs, the Fed is trying to bring employment down and is trying to bring wages down to get inflation under control.
There are two major parts of the government working against each other, and I think that we will end up with a stagflation economy where we don't have much growth. We've had two-quarters of negative growth, and you've got inflation rampant, and that is terrible for American consumers and working and middle-class families.