(Rallying Patriots) – It’s bad enough that the Biden regime has brought us record inflation and skyrocketing gas prices but the whole situation is made that much worse by the fact that no one in the regime is willing to take responsibility.
Inflation rose a staggering 8.5% from March 2021 to last month and Americans have had enough.
It’s only natural to compare Biden to former Democratic Jimmy Carter who presided over the era of “stagflation” when the US experienced high inflation and very little growth. The biggest difference, however, is that Carter wasn’t openly anti-American.
Home Depot co-founder Ken Langone, now 86, had some strong words for the Biden regime Tuesday and said Biden is “worse than Jimmy Carter,” according to Fox News.
Langone has been around for 8 decades and remembers well the years of economic downturn under the Carter administration. He expressed serious concerns over the current economic crisis plaguing America.
“We’ve got to get rates well above the inflation rate if you want to snap inflation, just like [then-Federal Reserve Chairman] Paul Volcker did in 1980 and ’81. … This was not transitory, this was a real serious case of inflation. We lost a whole year on addressing the issue,” he said on “Your World with Neil Cavuto.”
“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,” Langone said.
According to the Federal Reserve Bank of Minneapolis, by the numbers, inflation was considerably worse under Carter in 1979 than it is currently. The inflation rate then was 11.3% and in 1980 it rose to 13.5%. However, if the current rate of inflation keeps up, things are going to get a lot worse if something isn’t done.
The Wall Street Journal reported that the Federal Reserve’s average target for inflation is around 2% but over the last six months it’s been above 6%. This is obviously concerning.
— Real Vision (@RealVision) April 12, 2022
While Americans are now paying more at the grocery store, we’re also being crushed at the gas station. The gasoline index rose sharply to 18.3% with the average gas price per gallon being $4.08 as of Wednesday, according to AAA. Just one year ago it was $2.86.
Langone remarked that the current energy situation reminds him of the oil crisis under Carter.
In 1979, Iran’s government collapsed and the country became an Islamic republic. This posed a major problem for the global oil market and supply and the US quickly spiraled into an oil/energy crisis with oil prices quickly rising in mid-1979. The prices more than doubled between April 1979 and April 1980, as per the Federal Reserve History.
Langone placed the blame for today’s high fuel prices squarely on Joe Biden and his regime, noting some of the disastrous actions taken to bring us to the current situation such as canceling the Keystone XL Pipeline.
“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,” he said. “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. The oil companies are reacting to supply and demand.”
Langone, along with many economists, are predicting a recession is on the horizon, which would also be reminiscent of the Carter era.
“The deepest and longest‐lasting recession the United States has experienced since then began in 1980, when Jimmy Carter was president (the gross domestic product dropped 9.6 percent in the second quarter of that year) and did not end until fourth‐quarter 1982, almost two years into the Reagan presidency,” Cato Institute fellow Richard W. Rahn wrote in 2009.
That recession was so bad it took years for the US to recover.
“There were positive quarters during this almost three‐year period, resulting in what is known as a double‐dip recession, but GDP did not return to the 1979 level until well into 2003,” Rahn wrote. “Unemployment peaked at 10.6 percent in the fall of 1982.”
Langone is predicting we are headed in that very same direction now.
“The steps we’re taking right now will not help,” he said. “And who’s going to get hurt? The little guy, the poor guy that’s living from paycheck to paycheck…”
“I’m not smart enough to know exactly when. My bet is that the brunt of the recession will hit us nine months, eight months… 10 months from now.”
Biden is blaming inflation on Putin's invasion of Ukraine. Did Putin invade Ukraine at the beginning of 2021? My memory is a little foggy pic.twitter.com/V5gtA9ke3G
— Dr. Matt Walsh, Women’s Studies Scholar (@MattWalshBlog) April 12, 2022
One thing is for sure, things are only going to get worse before we can even have hope that they’ll get better.
The Biden regime is doing nothing to curb inflation or fix the economy and don’t expect them to.
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