Ken Langone, the founder of Home Depot, ripped into President Joe Biden this week over his economic mismanagement during a period of increasing prices, calling the president “worse than Jimmy Carter.”
The 39th president, Jimmy Carter, is frequently credited with being an ineffective Democratic leader who helped to launch Ronald Reagan’s political career by causing his own inflationary crisis.
This week, during an interview with Fox News host Neil Cavuto, Langone blasted the president’s economic failures, particularly his refusal to acknowledge persistent price increases early in his term. Last year, Biden memorably referred to inflation as “transient.”
“This was not a passing fad,” he continued. “This was a genuine, serious case of inflation. We lost a year dealing with it. Only because we have leadership today in the United States that isn’t ready to acknowledge when they’re wrong. They made a huge mistake here, and now the price has to be paid.”
The solution to the problem, according to the billionaire, is to tighten up the economy by increasing interest rates.
“We’ve made things worse,” he continued. “The other thing is, we’ve exacerbated the problem. The energy situation in the United States, for example, was not necessary for us to be as deficient as we are now. Hell, that pipeline would have been almost done by now.”
“And Biden is now blaming the oil companies. This is a disgrace,” Langone continued. “The supply and demand of oil are being reacted on by oil companies. When their earnings come out, you’ll see it in the numbers. It’s incorrect. It’s completely incorrect; no one has done anything about it yet in a way that addresses the problem.”
“The measures we’re taking right now will not benefit you,” he said. “Who’s going to be damaged? The poor guy who is just living from paycheck to paycheck?”
After that, Langone predicted the bulk of a coming recession would strike early next year, somewhere between nine and ten months from now.
Inflation hit a 40-year high in March, with consumer prices increasing 8.5% year over year, according to reports this week.