Ex-Fast Food CEO Makes Scary Economic Prediction

May 31, 2024

Former fast food restaurant CEO Andy Puzder said in May that higher menu prices and labor costs will likely see many restaurants close their doors across the country.

“There will be a lot of restaurants underperforming. Middle-performing restaurants are going to go away. Very good-performing restaurants will become midland or low-performing restaurants,” Pudzer, former CEO of CKE Restaurants, parent company to Carl’s Jr. and Hardee’s, told Fox. “As more restaurants close, there’ll be more customers for fewer restaurants. But people just can’t afford these prices. And there’s only so much you can do to reduce prices.”

Food Prices Soared Pre-Pandemic

While most people assume the concerns over the economy, cost of living, and food prices are due to mismanagement during the COVID-19 pandemic, this crisis only exacerbated existing issues within our banking and federal governance systems. This is particularly true of our food systems. (LEARN MORE: Voters Are Unimpressed By Biden’s Economic ‘Achievements’)

Fox noted how the McDonald Big Mac used to cost $3.99 in 2019 and now is roughly $8.29. Subway’s $5 foot-long sandwich is a thing of the past, with a BLT footlong now starting at $8.49. Chipotle’s chicken burrito went up from $6.50 in 2019 to $10.70 in 2024.

Ripple Impacts On Americans

“I was talking to a fast food chain CEO about a week ago, and he was saying they’re going to take all of their ordering at the drive-thru… [with] professional order takers in India or in the Philippines. It won’t be anybody in the restaurant that takes your order,” Pudzer noted. “They’re doing anything they can to reduce costs so they don’t have to raise prices. But there’s so much pressure, particularly in California.”

California’s Democratic Gov. Gavin Newsom signed a new law demanding that all fast-food restaurants pay workers a minimum wage of $20. This law doesn’t apply to one of Newsom’s top donors, the owner of Panera Bread, according to the New York Post. (LEARN MORE: POLL: Senior’s Top Health Concern Is The Economy)

The stress on the food industry led Pudzer to tell Fox that he’d not go back to work in it today. “It was hard when I did it. It’s a very competitive business, you’re really out there, it’s very cutthroat. But now the government’s making it impossible, particularly [for] a company like I had, which was Hardee’s and Carl’s Jr.,” he explained. “When I ran it, [it] was stationed in California, [and] was headquartered in California. I moved it to Nashville. And I think that’s a big reason why it’s surviving.” (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

Are You Surviving This Economy?

Our nation is at a crossroads, dealing with pivotal issues that directly impact your daily lives – from ensuring fair and secure elections to fighting against inflation and advocating for secure borders. The strength of our community, the rights of our parents, and the protection of girls’ sports are not just political issues; they are the fabric of our society. It’s time to take a stand against crime, reform our institutions, and ensure the prosperity and security of our nation. (LEARN MORE: State Finds County Violated Election Law In 2022)

Did you know that you, your family, and friends can send letters directly to your elected officials today? We can tell your leaders what you want from their time in office, and what you expect from our federal government. Letter-writing campaigns, or even just a single letter, can be enough to sway policy and create positive change.

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