Inflation has proved 'brutal' for American wallets with 'heartbreaking' economic outcomes, former Walmart U.S. President and CEO Bill Simon tells Fox News Digital.
. But Simon noted analysts’ mild recession predictions and the country’s history of recovery.
Former Walmart U.S. President and CEO Bill Simon told Fox News Digital how inflation"poses a bigger risk" to Americans’ wallets compared to a recession. "Let's say the unemployment rate goes up to 8% or 6%... that means that 6% of the population is affected because they lost their job or don't have a job. But if we have 20% food inflation, 100% of the consumers are out 20%," Simon pointed out.
"And so it's a much bigger impact," he continued. "Inflation has a much bigger impact on the consumer." According to the former CEO, there’s typically strong shifts in spending patterns during times of economic stress. Shoppers turn to less expensive proteins like chicken, and purchase smaller quantities as opposed to buying in bulk.The consumer price index started cooling off from decades-high inflation beginning June 2022."Part of the trade-off is you got to take the hassle of the crowd in the big box [retailers]. And in exchange for that hassle, you get a better price," Simon said.
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