This titan of business just made one comparison that left Joe Biden boiling with rage
Joe Biden is on his way to being one of the worst Presidents in history.
Americans from all walks of life are calling him out.
Now this titan of business just made one comparison that left Joe Biden boiling with rage.
The bad news just keeps piling up for Joe Biden on the economy.
His incompetence and socialist policies have plunged the country into an economic crisis.
Biden was hit with yet another 40-year high in inflation when the consumer price index recently hit 8.5%.
The next day, the producer price index set an all-time record, hitting 11.2%.
Inflation is at highs not seen since the darkest days of Jimmy Carter.
Biden is trying to blame the situation on Putin as he flails around looking for answers.
One of the biggest names in business unloaded on Biden’s economic failures.
Ken Langone had a legendary career in business, including co-founding Home Depot.
At 86-years-old, he’s seen it all in the world of business and politics.
During an appearance on Fox News, Langone slammed Biden, saying that he’s a worse President than Jimmy Carter.
He then proceeded to rip Biden for his failures over handling the inflation crisis.
For more than a year, Langone has been sounding the alarm that inflation wasn’t “transitory” like Biden claimed.
“We’ve got to get rates well above the inflation rate if you want to snap inflation, just like Paul Volcker (Reagan’s Fed Chair) did in 1980 and ’81. … This was not transitory, this was a real serious case of inflation,” Langone said.
To combat inflation that skyrocketed under Carter, Volker significantly raised interest rates.
Langone slammed Biden, saying “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%,” he added.
The Federal Reserve has started to raise interest rates to combat inflation.
Raising interest rates above 8.5% would put them at their highest levels since the 1980s.
Interest rates at that level would likely lower inflation, but also plunge the economy into a recession.
Biden trapped himself between a rock and a hard place on fighting inflation.
Langone continued by unloading on Biden’s war on American energy.
“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,” he remarked.
He ended by predicting that the country would be in a recession in less than a year.
With Biden’s problems mounting, Jimmy Carter’s second term could be his best case scenario.