Tax cuts are benefitting US workers: Andy Puzder

Channel: Fox Business
Published: 05/20/2019 03:24 PM

Former CKE Restaurants CEO Andy Puzder on the fast-food industry's labor shortage and the 2020 Democratic presidential candidates' economic policies. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wal...

Welcome back fighting the fast-food labor shortage chains like pizza, hut, checkers and church's chicken, soon offering employees expedited pay, meaning workers can opt to get a part of their paycheck just a day after their shift. Instead of waiting two weeks fast, food restaurants are struggling to keep employees with the us seeing record unemployment opportunities joining us right now is the for ...
er ceo of cke restaurants, from a labor secretary nominee and the author of the capitalists comeback the trump boom and the left's Plot to stop it, author, andy posed or eddie, it's great to see you good to see you so much for joining us. So what's going on in terms of labor with these fast-foodcompanies, oh yeah he's got 1. 3 million more job openings. Then you have people unemployed. So if everybody that's actively looking for a job took a job, you still have 1. 3 million job openings. Now, when president trump took office, there were 2 million, more unemployed people than job openings, so we've had a complete switch and it's really had a significant impact in the labor market. People really don't think about it, but we all compete fast. Food, amazon, costco target. If you're, using, if you've got low skilled jobs, we're all competing for the same workers, a lot of the bigger companies have gone to $ 15 an hour. That'S tough for some of these fast-food restaurants so they'vegot to find other ways to appeal to employees, and this is a great at whatever you can do - to get more people in more workers in the better.

So i think this is a great idea, interesting, interesting andy. I'Ve been talking about this, but given the focus both on the political campaign trail and in the country article in the journal today about the burden on millenials about student debt. At what point do you think a lot of these companies they're not just focused on training low school, their lower skilled workers, but really pulling people right out of high school and saying we want to put you on in a management track? We want to trainyou to work in this business long term and just skipping over the 4-year degree, which, if you're gon na go into like a management field, it's a lot of them are just worthless. Well, a lot of the degree have a lot of the degrees. Don'T prepare you for any job when you get out of out of college, so it's it's an important thing to do. When i was running ck, we actually offered. We had a tuition reimbursement program and a books reimbursement to try and draw people in by offering to help them help pay for their college and in some cases, the tuition reimbursement actually would have covered the expense at community college in some stateschools, but bringing people in Right from high school is a great idea, the sooner you can get people into the workforce and in in our case, restaurants, the sooner you get them in the more they can learn about the business and if you've got a general manager running a business at a Carlos they're running a 1. 4 million dollar business in a million dollar facility with 25 employees. They have p & l responsibility. It'S almost like a mini mba program, so get them in get them in. Let'S talk 20/20 for a second, because we've got a lot of headlines on this this morning, pete, but a judge held a fox news. Town hall last night, the south bendindiana mayor and 2020 democratic hopeful spoke out about taxing the wealthy watch.

This you don't blow a hole in the budget with an unnecessary and unaffordable tax cut for the very wealthiest. We really do need to entertain. Ideas like, i would say, a fairer, which means higher marginal income, tax rate on those earning the most a reasonable wealth tax, or something like that to make sure that people are giving back when they become enormous, ly wealthy, and also closing the corporate tax loopholes and Incentives for offshoring that have it to where pretty much everybody in this room probably paid more personally in federal income taxes than some of the most wealthy multinational corporations like amazonthat, made billions in profits and paid zero last year. So it looks like one of his plans is to raise taxes he's. Obviously, one seed has a problem with where the corporate rate is so. He must have raised the corporate rate. He wants to do a wealth tax. Just like elizabeth warren wants to do in a wealth tax unconstitutional, as you said in the past, it's basically taking away your wealth that you've earned and then you've got connell harris out, saying that she's gon na seek fines. If any company is unable to close the gender pay gap once everybody making the same, if it's not that, then you're gon na pay fines for that. Your reaction, wellnumber one cutting taxes. It has had tremendous benefits for american workers. We had really 92 months where we're wage growth was under 3 % under obama and biden.

Now, we've had nine months in a row where it's been over. Three percent we've got more people working than have ever worked in the history of the country. We'Ve got tremendous. Second, growth in part because of those tax cuts and what what budig ignores is the fact that tax revenue is up. We'Ve increased tax revenue, even though we've taken the rates down everybody's, better off everybody's, better off and the reason that we're having a bigger deficit is we spend too much and if we don't address non discretionaryspending, which includes entitlements. If we don't look at them, there's no way we can reduce the budget deficit, so we have to look at that we have to. We have to continue to incentivize growth, so andy, if you're one of these 23 democrats that are running for president in 2020, against trump and against this economy. Well, how should they attack this issue? How should they try and appeal the voters, given that the economy is where it is? Well, you know, what's funny biden went out and tried to take credit for the economy? I know if you saw it this weekend, he said. Oh, he said trump is going to squander the economy. He inherited frombiden and i don't look the last two years of the obama presidency. Gdp was 1. 9 percent right.

Ok, so for the first full year under president trump 2018, it was 3 percent. That'S a 50 percent improvement. If you look at the last four quarters, it's 3. 3 percent, that's a 75 percent improvement. We'Ve got wages up, we've got job openings up. What on earth are these people talking about? They'Ve got a very difficult problem. They have to try and convince voters that trump's financial success is first of all due to them and second, at the same time, they're hoping he'll fail. So it'll be an economic reversal. It'S it's either! Well, it was our plan orit's, i'm not feeling it what he can't. You know you can't have both that's what you can, but again don't spit in my face and tell me it's raining. If my wages are growing people in like manufacturing and leisure and hospitality, people who are have working-class jobs or their wages are growing faster than people in management. We'Ve seen that in the most recent ma there was some recent data from the labor department.

I mean it's incredible and how much wage growth has picked up this far along into an economic recovery. The american people know that we don't you know and when you tell them something that isn't true, when you say only the rich gota tax cut, no 80 % of you know, 80 percent of households got a tax cut. They know that that they know from their own personal experience that they would much prefer some honesty. President trump has done a good job with his economic policies, but but but and say what you want, but it's very hard to you know make believe this is not happening. Well. You'Ve got to convince people that the obama-biden economic policies only took effect and were beneficial after president trump was elected and after he cut taxes and after he reduced regulation, basically reduce reversing all of their economic policies. I mean it's an absurd position, but it's what they're stuck with the economyis on fire yeah. It really is andy. It'S great to see you soon. Thank you so much ad poster joining us there,.

Watch Next