Billionaire businessman and Home Depot co-founder Ken Langone has branded President Joe Biden a failure because of his inability to control rising inflation.
In an an appearance on "Your World with Neil Cavuto" on Fox News, Langone said Biden is "worse than Jimmy Carter."
"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," said Langone. "They made a terrible blunder here, and now the price has got to be paid."
America's inflation rate hit a four-decade high earlier this month when the Biden administration reported that year-over-year inflation for March reached 8.5 percent. This has caused everything from food to the cost of energy to get exceptionally more expensive.
As a possible solution, Langone said in the Fox News interview that the Federal Reserve should consider raising interest rates to match or go higher than the inflation rate to tame the out-of-control price increases. (Related: Inflation surges by 8.5% to 40-year high, disproving White House claims it wouldn't go higher than 2.2%.)
"If you want to get inflation back, if you want a benchmark, you're going to probably need interest higher than 8.5 percent," said Langone.
Biden's climate policy also hurting efforts to control inflation
Langone also criticized Biden for closing the Keystone XL pipeline, claiming that scrapping the pipeline project did not serve the national interest and may have jeopardized America's energy security more than the Russian invasion of Ukraine.
Biden and his administration have stood by their claim that the rising fuel prices in the United States are due to the Russian invasion of Ukraine and what he calls a price hike imposed upon the world by Russian President Vladimir Putin.
On Tuesday, April 12, he said he was doing "everything within [his power]" through the passage of executive orders to bring down oil prices "and address the Putin price hike."
But according to Langone, Biden canceling the permit for the construction of the Keystone XL pipeline, which would have carried crude oil from Alberta, Canada down to Nebraska, is more to blame for the oil price increase.
"We've exacerbated the problem," said Langone. "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."
If the pipeline project had not been axed, it would have expanded North America's capacity to process the approximately 168 billion barrels worth of locked-up crude oil in Alberta. The project could have also been completed by the first quarter of 2023 and it would have allowed up to 830,000 barrels worth of crude oil to enter America per day.
For comparison, in 2021, the U.S. only imported 209,000 barrels of crude oil per day from Russia. The completion of the Keystone XL pipeline would have given America a better opportunity to be energy independent.
"Biden's now saying – he's now blaming the oil companies. This is a disgrace. 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 [like Biden claims], 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's going to address the issue."
Learn more about the Biden administration by reading the latest articles at JoeBiden.news.
Watch this clip from InfoWars as host Owen Shroyer talks about how "Bidenflation" proves the Democrat-led administration is a total clown show.
This video is from the InfoWars channel on Brighteon.com.
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The Fed invokes first rate hike to "curb inflation" but it's way too little, too late.
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