McDonald’s CEO: ‘We need a stimulus measure, I think that is very clear’

McDonald’s CEO Chris Kempczinski said on Tuesday that it is “very clear” that the U.S. will need a new coronavirus stimulus measure. 

During an interview on CNBC’s “Squawk on the Street,” Kempczinski congratulated President-elect Joe Biden and Vice President-elect Kamala Harris on their “historic win,” and said that it is time to solve some “big issues” such as a new coronavirus package.

“Our hope and expectation is that as we’ve now moved from the election, that we can turn our sights toward working together and solving some big issues that we still as a country face,” he said. 

“Certainly coronavirus is one of those issues. We need a stimulus measure, I think that is very clear,” he added.

Congress and the White House have yet to reach a deal on the next round of coronavirus relief. Senate Majority Leader Mitch McConnell (R-Ky.) said after Election Day that he’d favor a bill by the end of the year. 

“I think that’s job one when we get back,” he said. “Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election.”

Negotiations thus far have been ongoing between Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin, but White House adviser Larry Kudlow said that the administration has opened talks with McConnell on coronavirus relief. 

CNBC noted that the $1,200 stimulus checks from April helped lift sales for struggling businesses, and the Paycheck Protection Program helped about 700,000 businesses, including some McDonald’s franchisees.

Kempczinski also said there are other long-term issues that need to be addressed, including climate change and education. He added that the business community would be willing to negotiate on raising the federal minimum wage, which hasn’t been increased since 2009. 

“We’ve been pretty clear for a while now that we are not against a conversation on the minimum wage,” he said. “We work in 120 markets around the world with wage rates all over the place, everywhere from $20 to less than that.” 

“So, we’re not opposed to a conversation around the minimum wage,” he said. “Let’s just make sure that as changes are introduced, we do it in a logical way that balances the needs of, certainly people but also balances the needs of business owners.”