Appearing Friday on the Fox Business Network’s Mornings with Maria, former McDonald’s USA CEO Ed Rensi said President Joe Biden’s policies have “dramatically” impacted the supply chain crisis and rising inflation facing the U.S.
A transcript is as follows:
MARIA BARTIROMO: You’ve been around the block, seeing these cycles back and fourth. How does this supply chain crisis related to what you’ve seen in the past? Talk to us about the inflation story and how you assess these issues.
ED RENSI: I first experienced this back during the 70s, up into the 80s when we had stagflation, where prices of fuel [were] going up like crazy. Transportation was limited. Distribution was limited. We had to raise prices. We had to address our opening and closing schedules in restaurants, modify the menus, and we’re going through it again. It’s been exacerbated clearly by COVID. But it’s also been impacted dramatically by the policy changes that President Biden made even before he was inaugurated, when he said he’s going to shut down oil, shut down the pipelines, move away from fossil fuel.