Americans Could Be in a ‘World of Hurt’ if Biden Doesn’t Act, Ex Walmart CEO Warns (VIDEO)

Mass layoffs are plaguing more than just the Big Tech industry.

On Sunday, former Walmart CEO Bill Simon joined “Fox & Friends Weekend” to warn Americans of the detrimental impact that corporate layoffs could have on the U.S.’s feeble economy.

“It’s crazy right now. We’re stuck in this loop of wage inflation, product inflation and cost inflation. And it’s just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of some of the Fed’s moves and as the necessary medicine we have to take to kind of cool things down and get the inflation back under control on some of these layoffs that are coming,” Simon told co-host Will Cain.

Although the labor market remains healthy and one of the few bright spots in the economy, there are signs that it is beginning to soften. In addition to a number of high-profile tech layoffs over the past month, the economy added 223,000 jobs in December, the smallest gain in two years.

Federal Reserve officials have said they expect unemployment to climb as a result of their aggressive interest rate hike campaign. Updated projections from the central bank’s December meeting show that officials expect unemployment to rise to 4.6% by the end of this year, up from the current rate of 3.5%. (Read more from “Americans Could Be in a ‘World of Hurt’ if Biden Doesn’t Act, Ex Walmart CEO Warns” HERE)

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