Home Depot Founder Tears Into Biden as ‘Worse than Jimmy Carter,’ as Inflation Hits Another Record High

Home Depot founder Ken Langone called out Joe Biden regarding his mismanagement of the economy, calling the president “worse than Jimmy Carter.”

Carter, a Democrat who served as the 39th president, is often cited in political discussions as one of the worst presidents, as his unsuccessful tenure led to an inflationary crisis that catapulted Republican President Ronald Reagan into the White House.

Now, Biden is dealing with an inflationary crisis as well. Earlier this week, news broke that inflation had reached another 40-year high in March, this time with consumer prices rising 8.5% year over year. The producer price index numbers — which measure the prices paid by wholesalers — were even worse, increasing 11.2% from one year ago, according to reporting from CNBC.

In an appearance on Fox News with Neil Cavuto on April 13, Langone tore into Biden over his economic failures, especially his refusal to acknowledge skyrocketing inflation as a lasting problem early in his presidency. Biden famously shrugged off inflation as “transitory” in 2021.

“This was not transitory, this was a real, serious case of inflation,” Langone said. “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.”

The Home Depot founder went on to discuss solutions to the problem, arguing that the only way to fix it would be to tighten down the economy by raising interest rates.

Langone also attacked Biden for his position on American energy independence, as the president has been a thorn in the side of domestic oil and gas production since the start of his administration.

“The other thing is we’ve exacerbated the problem,” he said. “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 continued. “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,” he continued. “And nobody’s doing anything about it yet, in a way that going to address the issue.”

“The steps we’re taking right now will not help,” he said, adding, “And who’s going to get hurt? The little guy, the poor guy that’s living from paycheck to paycheck.”

Langone then went on to predict that the brunt of a coming recession will likely hit sometime in early 2023.

When Cavuto questioned Langone as to whether he believes Biden is reaching Jimmy Carter territory, the billionaire entrepreneur replied bluntly: “Oh, he’s worse than Jimmy Carter.”