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CKE Restaurants CEO Andy Puzder weighs in on the U.S. budget deficit and how to rev up job creation.
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President Obama is asking congress to delay the major spending cuts coming next month -- -- are.
A short term package of limited spending cuts and potentially more tax hikes isn't flying with Republicans.
Dining out -- economic advisor to the -- -- And CEO of CKE restaurants.
-- poster and India -- take you for being here what do you think that the president is going to end up proposing here do you think that it's gonna.
Go after the carried interested it's gonna go after high income earners what do you expect.
Not good to be -- Cheryl thank you -- I think that everybody recognizes we have to reduce the deficit the deficit is out of control.
The only reason we've been able to sustain this level deficit is because the Fed prints money and by 775%.
Of the country's debt that can't continue.
If you're going to address those issues -- -- you know that this this piecemeal kicking the can down the road let's go couple more months let's go a couple more months.
I think people are getting tired of that we need to address.
Entitlements are 60% of the budget the president needs to lead on this he needs to come forth with a budget.
That makes rational proposal seeing is something that at least can get a Democrat to vote for -- and of the budget -- -- -- so far couldn't get Republican or Democrat votes.
We need something rational the deals with the real problem with -- which is that we spend a whole lot more money than we bring in and 60% of that goes to entitlements.
Which won't survive if they're not -- Okay okay you're you're okay your business owner you're -- -- CK you run it -- -- it frankly it was it was close insolvency and you brought this company back to you know what you're talking about.
It is how can we get more job creation because obviously if you have more jobs in this country you're gonna have more tax revenue coming.
In two the government it seems that weather is the supply side.
Or the demand side the president doesn't really have an answer to about what is your answer that.
-- It it's a little bit disconcerting because -- -- -- on the supply side it when you look at encouraging businesses were over taxing rover regulating we're we're putting obamacare and businesses energy costs are going up.
Labor costs are going up and so you're not really encouraging businesses to invest and grow.
And -- demand side everybody got a tax increase I think people than the lower income rates didn't think -- ever going to get a tax increase but they got that 2% payroll tax increase.
Which -- 90% of taxpayers which is -- everybody that makes under a 113 thousand dollars so.
People have less money to spend businesses are not encouraged to grow and at the same time you have fed borrowing money so the government can keep spending what we need to do is encourage business.
We need to encourage business by reducing regulations we need regulations but clearly businesses are over regulated.
When I do encourage that fracking so that energy prices go down we need to find businesses need to find a way to deal with obamacare it's it's here to stay.
We re elected President Obama -- need to work with the government to come up with rational solution so.
In there's no immediate challenges isn't there also lose confidence I and I carry through so many challenges the business are facing I do wanna ask that you employ about 70000 people will -- right now.
Are you going to be hiring this year yes or not.
What we hope to be hiring we'd like to continue to have to develop restaurants but.
A lot of whether or not you build new restaurant depends upon how the economy is going.
Whether people are building shopping centers were you can put the restaurants in I mean we're very economy dependent business and we'd we'd we are projecting that we will buy build restaurants this year.
Our franchisees will build restaurants I will tell you that.
Our franchisees are building almost double the amount of restaurants outside the United States that they're building inside the United States -- we do -- international growth which helps boo -- star.
-- our bottom line and and boost our growth but we we hope to grow in the United States we're going to do everything we can we want to work with the president we want to see this happened but.
It's there are some disconcerting things going on in the economy right now.
Ending it has there are very outspoken always a wonderful person to talk to head of CK restaurants any thank you very much.
