The founder of the Jimmy Johns sandwich franchise is predicting that inflation is going to continue to skyrocket and far surpass recent gains in wages.
Jimmy John Liautaud told Fox News Digital on the sidelines of the Turning Point USA AmericaFest conference this week that he believes inflation will increase to the point that fast food bills will be equal to the minimum wage in certain areas of the country.
“This is coming,” he said. “So if your minimum wage in New York is $17, that’s how much it’s going to be for lunch… I went to Arby’s and I got a two for $6, a shake, fries and that was $12.83 and that was in Illinois. So you’re right about there.”
What’s more, as inflation continues to rise, Liautaud said he doesn’t believe there is an easy way of reversing the higher trend.
“You cannot print $4 trillion, push it into the economy and have everything devalue,” he said. “It is what it is. But you know what? As long as it’s run by the free market, I’m cool with it. Let the free market rocket… Get the government’s hands out of it.”
He also said that in President Biden’s economy of today, there would have been “no way” he would have been able to launch his sub shop franchise like he did in 1983.
“No way I could’ve started Jimmy John’s in this climate,” he told Fox News Digital. “$52,000 wage for a manager and $15 an hour. It was a great idea, right? But who’s got all the money now? Jeff Bezos.”
The franchise owner launched Jimmy John’s from a small shop he built in a two-car garage, where he would serve sandwiches for $2.10 each as well as Dixie cups of Coca-Cola for a quarter. From there he grew the company into a $3 billion behemoth employing 140,000 people, with more than 2,700 locations around the country.
Earlier this month, the Labor Department reported that inflation under the current administration has hit a 40-year high, rising from 6.2 percent in October to 6.8 percent last month, the highest level since 1982.
The Consumer Price Index, which is the Labor Department’s most closely-watched inflation measure, skyrocketed in November due in large part to continued supply chain problems and shortages among retailers, wholesalers, and other distributors.
In addition, there are those who agree with Liautaud — flooding the economy with trillions in government spending, the result of excess money printing, is the biggest factor fueling inflation.
Among them is Sen. Joe Manchin (D-W. Va.), who announced earlier this week he could not support Biden’s “Build Back Better” legislation, which amounts to another $2 trillion in social and climate spending because he believes it will trigger even higher inflation.
“Whatever happened to the core CPI month-to-month in November, the upward pressure on the year-over-year will persist through March, at least, because base effects are very unfavorable,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, noted.
“Nothing is certain in the COVID world, but a higher core inflation rate over the next few months looks like a safe bet,” he added.
Inflationary pressures are also having a hugely negative impact on Biden’s approval rating, according to several recent polls.
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