Wal-Mart CEO: Gird your loins, 'serious' inflation is coming
U.S. consumers face "serious" inflation in the months ahead for clothing, food and other products, the head of Wal-Mart's U.S. operations warned Wednesday.
The world's largest retailer is working with suppliers to minimize the effect of cost increases and believes its low-cost business model will position it better than its competitors.
Still, inflation is "going to be serious," Wal-Mart U.S. CEO Bill Simon said during a meeting with USA TODAY's editorial board. "We're seeing cost increases starting to come through at a pretty rapid rate."
When he left office in 1981, Carter handed President Reagan a stratospheric Misery Index of nearly 20% and a major hostage crisis in Iran. It looks like Obama is doing his best to beat that record.