Former Walmart U.S. CEO Bill Simon on May retail sales report: The consumer is clearly burdened

Former Walmart U.S. CEO Bill Simon joins 'Squawk Box' to discuss the May retail sales data, the state of the consumer, and more.

[@eyelovecolorado2195]

Next video: “the consumer is strong” 😂😂😂

[@peterdangelo5882]

consumer bounces back, still has Covid money to spend spend spend.

[@SaeedAlsomali-u3n]

It means that being rich justifies a lot of behavior that we don't accept in the poor. There are crazy people in all walks of life, but if you're poor, you're labeled as crazy, if you're rich, you're labeled as eccentric.

[@MrMountain707]

Walmart benefits from economic pain in America

[@chri6393]

Inflation should be throttled by taxes, not intrest rates. Doing it with rates crushes borrowers and the government while giving more income to the wealthy

[@BranN-ot2jj]

Exactly why it’s done that way. It’s working as intended

[@022100bmlotus]

If all Gov pay was reduced 10% or more (like self employed people) we would get deflation which is what we need. 3-4% on top of already 5-6% on top of 9-10% inflation is rediculous. This is the true cost of creating a virus to crush the world economy to get rid of Trump. NO One World Order!!!

[@SigFigNewton]

Without actually knowing how official inflation numbers are calculated, I can tell you that what is probably happening is this. Most consumer dollars are spent by the top half of earners. They therefore overweight in CPI the types of things bought by the well off. And since that didn’t increase in price as much as necessities, the official inflation numbers are considerably lower than the inflation experienced by half the country

[@sarscov9854]

Welfare moochers make more than a 9-5 $60k/year. I doubt your theory is true.

[@theunbearablebull]

We know how official inflation numbers are calculated. It required you to use your brain though.

[@chuckinhouston9952]

@@theunbearablebull I doubt that you really know. I’ve been a CPA for 49 years, and have studied this extensively. The inflation numbers are rigged. There are way too many things excluded from the determination and it’s far from being statistically valid. If inflation were determined today using the same methodology as was used in 1983, the CPI would be above 10%. So there.

[@Chris-xv7wd]

The sky is blue.

[@Dave-zl2ky]

Food inflation? Food prices are still going up!

[@theunbearablebull]

No they aren't. Idk why you kids have to lie

[@TroyHanson-ch6nm]

I shop grocery stores 4 times week and some prices are still rising meat is rising. Eggs are up again as well. Some prices have stabilized but it changes week to week.. Overall food is up 40% and some even 50% over any year under Trump's time. Imo food has been the main culprit for most the high cost of food is deleting family's budgets then they cant afford basic bills after food. Such as electricity. natural gas. Etc

[@JamesBlazen]

Shot from prison while wearing his orange jumpsuit?

[@prolific1518]

Biden tells me the economy is great 😃

[@rickhayes-oh2zm]

how many employees at walmart have 3 jobs

[@SigFigNewton]

I did see one who didn’t look sleepy

[@George-f8h]

How many employees at Walmart don't have a college degree?

[@jaspajones7045]

Thanks Joe

[@022100bmlotus]

If you live in CA, pretty sure your quarterly taxes were due yesterday as well. ALL OF IT IS TOO MUCH FREAKS.

[@AcmePotatoPackingPocatello]

China Outlet Store

[@willtwain1383]

Kernen looks like he woke up and it hit him he has been a jerk his whole life.

[@TaylorMMontgomery]

FIRE JOE KERNAN! he sucks!

[@randygrebel1539]

"Trade down." Get those merchants to China to bring in more cheap stuff.

[@EthelbertCoyote]

How the guest admits he doesn't know his customer... "Free money" was never free money, it was money customers did not spend because they did not or were worried they would not have a job. Once they eased people spent that money. The amount of money people v.s. companies got as a bail out was laughable in comparison. The BULK of this "free money" was not spending because there was nothing to buy, nothing to do, and few places open to buy those things that people did not go causaually. Smart guy, actually seems like from other interviews nice guy for a CEO, but is buying in to narratives and buzz words rather than trying to see for himself and make his own terms.

[@George-f8h]

What are you talking about? Spending INCREASED by almost 16% after people received their stimulus check. That was the whole purpose of giving people free money, which was to stimulate the economy. What do you mean there was nothing to buy? People spent all kinds of money on online retailers like Amazon and Walmart. Do you really think people simply saved their stimulus money in a bank? Spending is what American consumers do best. What did YOU do with your stimulus check? Do you still have it or did you spend it? ...I thought so. If not for the free money, many more companies would be out of business and workers would lose their jobs. Instead, we have the strongest economy in the world, businesses are making record profits, the unemployment rate is extremely low, and more new jobs are being created.

[@bw1357]

Ya THINK?

[@bw1357]

Thank you Joe Biden

[@rickhayes-oh2zm]

need rate cuts.

[@nickvin7447]

Why? Your people keep touting how strong the economy is.

[@prolific1518]

No.

[@MsGenXodus]

A lot of consumers are downsizing. They don't have the room for all the extra junk, therefore aren't buying it in the first place. It's super easy to rent the things you need, from a pickup truck to an evening gown. No reason to buy and store an occasionally used item, especially if you don't actually have the room for it. Big houses are being occupied by one or two elderly people who have way more than they need (or want) and tiny apartments are crazy expensive in much of the USA. I'd be curious to see how much people spend on monthly digital subscriptions compared to how much they spend on discretionary items. Retailers may find that figure eye opening.