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The American tycoon and co-founder of Home Depot, Ken Langone, said that the “real serious case of inflation” in the United States “was not transitory” and that the country is heading for a recession. Regarding Biden, he said he was a “worse” leader than former President Jimmy Carter.
In an interview for Neil Cavuto on Fox News on Tuesday, Langone said that “we lost a whole year” in which inflation rates have soared without taking action “only because, frankly, we have leadership today in America that isn’t willing to admit when they’re wrong.”
Inflation is not Putin’s fault, it is Biden’s fault
The businessman blamed the Biden administration’s “blunder” and spending for inflation and said that, to mitigate it, it will be necessary to raise interest rates above the inflationary rate, “as Paul Volcker,” the former Federal Reserve chairman, did “in 1980 and ’81.”
“The other thing is we’ve exacerbated the problem,” Langone continued. “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.”
Langone added that it is not possible to predict when the effect of the recession will begin to be felt, but suggests that it could be within the next ten months, and that the hardest hit will be for working middle-class citizens.
The billionaire also said that inflation “is not Putin’s fault,” as the Biden administration has suggested, since it was not the Russian president who stopped the construction of the Keystone pipeline or made it more difficult to explore potential oil drilling areas.
“First step in solving a problem is acknowledging that you have a problem,” Langone said. “We have a very serious inflationary problem in America, and him blaming Putin is not going to address the issue.”
