Home Depot co-founder Ken Langone has slammed Democrat President Joe Biden for the “terrible blunder” of his administration that is causing soaring inflation.
Langone declared that Biden is “worse than Jimmy Carter” after the Democrat-led White House has made a series of policy errors that Langone believes have pummeled the economy.
“We’ve got to get rates well above the inflation rate if you want to snap inflation, just like Paul Volcker did in 1980 and ’81,” Langone said.
“This was not transitory, this was a real serious case of inflation.
“We lost a whole year on addressing the issue.
“Only because, frankly, we have leadership today in America that isn’t willing to admit when they’re wrong.
“They made a terrible blunder here, and now the price has got to be paid.
“If you want to get inflation back, if you want a benchmark, you’re going to probably need interest higher than 8.5%.
“The other thing is we’ve exacerbated the problem.
“For example, the energy issue in America, we didn’t have to be deficient like we are.
“Hell, by now, that pipeline would have been almost complete.
“And Biden’s now saying, he’s now blaming the oil companies.
“This is a disgrace.
“The oil companies are reacting to supply and demand.
“You’re going to see it in their earnings when their earnings come out.
“If they’re making all this much money, where are they in the numbers?
“It’s wrong. It’s absolutely wrong.
“And nobody’s doing anything about it yet in a way that going to address the issue.
“The first step in solving a problem is acknowledging you have a problem.
“We have a very serious inflationary problem in America, and him blaming Putin is not gonna address the issue,” he said.
Home Depot Co-Founder Ken Langone to Neil: The first step in solving a problem is acknowledging you have a problem. We have a very serious inflationary problem in America, and him blaming Putin is not gonna address the issue pic.twitter.com/69CzEQ81lJ
— Neil Cavuto (@TeamCavuto) April 12, 2022