McDonald's CEO says it's 'very clear' that America needs another stimulus package
- McDonald's CEO Chris Kempczinski said this week it is "very clear" the US needs to pass another stimulus bill.
- Kempczinski's support of another stimulus package echoes that of Walmart CEO Doug McMillon, who has urged Congress to approve further aid.
- Goldman Sachs predicts that the government is poised to pass another $1 trillion in fiscal stimulus, either before or soon after Biden's inauguration in January.
McDonald's chief executives joined Walmart's CEO in calling for another stimulus package.
"We need a stimulus measure, I think that is very clear," McDonald's CEO Chris Kempczinski said in an interview with CNBC on Tuesday.
Kempczinski called for President-elect Joe Biden and Vice president-elect Kamala Harris to address the coronavirus pandemic and climate change, as well as congratulating the recently-elected leaders in an interview with Carl Quintanilla.
"This was a historic election. And I was ... really excited to see the turnout we had in this country," Kempczinski said.
Kempczinski's support of the stimulus package echoes that of Walmart CEO Doug McMillon, who has urged Congress to approve further aid.
"I think it's important that we all understand in some ways we are having a shared experience because we are in a pandemic together, but we are having a very different experience," McMillon said at the Yahoo Finance All Markets Summit in late October.
"If you have been let go and don't have income, you really need help," McMillon continued. "The voice we have at Walmart is to say to Congress and the administration we need you to help those people who need help."
Another round of stimulus checks would boost businesses' sales
Congress left Washington, DC in October without approving another coronavirus aid bill, which could include another round of $1.200 stimulus checks, enhanced federal unemployment benefits, and support for small businesses.
Goldman Sachs said in a report this week that the government is poised to pass another $1 trillion in fiscal stimulus, either before or soon after Biden's inauguration in January.
More fiscal stimulus is good news for companies across the US. McDonald's and Walmart are among the long list of companies that said the first round of stimulus checks boosted sales earlier this year.
Adobe Analytics predicted in October that another round of stimulus checks, coupled with store closures if COVID cases surge, could result in online holiday shopping sales exceeding $200 billion. Meanwhile, without another stimulus package, 23% of people plan to cut back on their holiday spending, according to a Jungle Scout survey of more than 1,000 consumers in the US.
- Read more:
- Black McDonald's workers say they were called 'ghetto,' had their hours cut, and were unjustly fired in a new lawsuit
- McDonald's hires ex-Obama advisor to lead a new team focused on 'positive change,' as the company doubles down on values in the midst of scandals
- Insiders reveal how former McDonald's CEO Steve Easterbrook went from the chain's savior to its worst nightmare as sex-scandal accusations threaten to envelop the fast-food giant
- Inside McDonald's Black franchisees' decades-long quest for equality that led to a $1 billion racial-discrimination lawsuit