The co-founder of Home Depot said President Biden is doing a worse job than the gold standard of Democratic presidential failure.
Ken Langone said in an interview on Fox News Channel’s “Your World with Neil Cavuto” that Mr. Biden is “worse than Jimmy Carter” in his handling of inflation and the economy.
Mr. Carter’s presidency came undone in the wake of double-digit inflation and energy crises in 1979 and 1980, paving the way for Republican Ronald Reagan’s 44-state landslide in 1980.
Mr. Langone, who began his company in the Carter stagflation era, said the Biden administration is at fault for today’s inflation woes because it refused to see problems from its spending and energy policies, dismissing rising prices as transitory.
“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,” Mr. Langone said.
He also blasted Mr. Biden’s first-day closure of the Keystone XL pipeline and his blaming the energy companies for $120-per-barrel oil, gasoline that often tops $5 a gallon, and the resulting ripple effects on every product’s price.
“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,” he said.
“Biden’s now saying, he’s blaming the oil companies. This is a disgrace. The oil companies are reacting to supply and demand … It’s absolutely wrong,” he continued.
Earlier this week, the Labor Department reported an inflation rate of 8.5%, the highest rate since 1981. That figure, which came during Reagan’s presidency, actually reflected a recovery from the Carter inflation, which peaked at 14.6% in March and April of 1980.
• Victor Morton can be reached at vmorton@washingtontimes.com.
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