Obamacare reform could be the prescription needed for the decline in economic growth that's been hurting working and middle class Americans.
Republican presidential nominee Donald Trump on Tuesday called for a special congressional session to repeal and replace Obamacare.
"If we don’t repeal and replace Obamacare, we will destroy American health care forever – it’s one of the single most important reasons why we must win on November 8,” Trump said to a crowd gathered at Valley Forge, PA.
In an interview with FOX Business Network Varney & Co., CKE Restaurants (NYSE:CKE) CEO Andy Puzder said Obamacare is responsible for hurting the restaurant industry.
“The restaurant industry is the canary in the coal mine for the rest of the economy which Donald Trump obviously gets. We need to act fast on Obamacare,” Puzder said.
Despite a decrease in gas and food prices, Puzder said eight restaurant chains representing 12 familiar brands to consumers have recently gone bankrupt because of Obamacare.
“Forty-seven percent of people who had their premiums increased were eating at restaurants less which is consistent with some research by the National Restaurant Association. But the interest thing was if your premiums went up, you were 30% more likely not to be going to restaurants than if your premiums hadn’t gone up,” Puzder told host Stuart Varney.
According to Puzder, the restaurant industry is down 3% in transactions this year and the continuing decline will result as the worst year for the restaurant industry since 2009.
“This could have a huge economic impact on this country next year and Trump is absolutely right, this thing needs to be repeal and replace with something that makes economic sense because Obamacare is the craziest thing in the world and does not make sense,” he said.
Pudzer, who also serves as a Trump economic advisor, said Obamacare is also a factor in shrinking the middle class and has taken disposable income away from people.
“All of Hillary Clinton’s plans and what Obama has been doing for the past 7 to 8 years has driven down economic growth, Obamacare adds to that,” Puzder said.