‘Bar Rescue’ host Jon Taffer joins the ‘Big Money Show’ panel as they discuss the impact of inflation on multiple industries, Sen. Chuck Schumer’s comments and the ‘Make America Healthy Again’ movement as RFK Jr. is confirmed as the HHS Secretary.
The pressure is mounting on President Donald Trump to deliver on his promise of lower prices, but some business leaders argue that stability is just as critical as affordability.
“Donald Trump has not kept his promise that on Day One, prices will start going down,” Senate Minority Leader Chuck Schumer, D-N.Y., said on Capitol Hill.
“Prices went up 3%. The price of groceries went up. The price of buying a car went up.”
While rising costs have fueled frustration, entrepreneur and “Bar Rescue” host Jon Taffer warns that unpredictable price swings can be just as damaging as high costs.
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“We can’t survive when the prices are going up and down,” Taffer said on “The Big Money Show” Thursday. “You can’t run a business that way because you can’t boomerang your customers in that fashion.”
Taffer argues that businesses can adapt to higher costs, as long as those costs are stable.
“If stability is at [the] current level, so be it. We can build our business models around [the] current level. What we can’t build a business model around is a lack of stability. That’s what’s killing us all,” he stressed.
FOX Business’ Lydia Hu reports on the surge in the egg prices and the limited supply due to a bird flu outbreak.
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The cost of everyday essentials like eggs, coffee, vegetables, and milk has soared in recent months, putting additional strain on restaurants and small businesses.
“Restaurants can’t spend more than 33% of their revenues on food costs,” Taffer explained. “That means it’s a $3 price increase for every $1 cost increase. So, if my burger goes up $3 in price, to me, I have to charge you $9 more for that burger. That creates a resistance at the customer level.”
Rising labor, insurance and energy costs have also made it increasingly difficult for businesses to keep prices reasonable. In response, President Trump has laid out a multistep plan to lower costs, including tax cuts, reduced government spending, and increased oil production to bring down energy prices.
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Taffer acknowledges the importance of lowering costs but stresses that any changes must be sustainable.
“Sustainability and predictability I think is the most important things that Trump needs to bring to the marketplace,” he said.
For businesses, the bottom line isn’t just about lower prices, it’s about knowing what to expect, Taffer concluded.
Carlo’s Bakery owner Buddy Valastro opens up about the soaring price of eggs on ‘The Claman Countdown.’
