(TruthandLiberty.com) – In the 1970s, America experienced extreme stagflation. Interest rates were at an all-time high for homebuyers, inflation was out of control, it could take an hour or more to fill up a car with gasoline, and unemployment was chronic. If President Joe Biden isn’t careful, America could find its economy resembling the one nearly 40 years ago. On Tuesday, April 12, the Labor Department reported that inflation hit 8.5% — the highest since 1981.
On Tuesday, Home Depot co-founder Ken Langone told Fox News host Neil Cavuto he believed the US was facing an imminent recession and compared Biden with former President Jimmy Carter (D), who served during the late 1970s. Ultimately, Carter lost the 1980 presidential election to Ronald Reagan in a landslide. Langone said the US lost an entire year to inflation because the administration refused to believe it was wrong. Inflation was neither transitory nor temporary.
— The Hill (@thehill) April 13, 2022
Additionally, the Home Depot co-founder said the problems causing inflation were self-inflicted. He said Biden’s actions to halt drilling on federal lands and revoke the Keystone XL pipeline put America into an energy deficit, driving up gas prices as demand remained high while supply waned. He said if the president had left the Keystone pipeline alone, it would nearly be complete and ready to replace Russian oil and then some.
Langone stated the little guys would get hurt when a recession hits in eight to ten months.
Critics of the administration say recent moves make Biden look worse than ever. Do you agree? And is Biden on par with Carter?
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