Home Depot co-founder and billionaire Ken Langone warns inflation is 'the most regressive tax of all,' arguing Joe Biden and Jerome Powell can't avert a serious financial crisis.
"The American people need to understand there's no pain, no gain. Maybe we're going to put 2 million people out of work, but I don't know any way around dealing with the problem of inflation and the tragedy of what comes with inflation," Langone said.
Billionaire investor, philanthropist and businessman Ken Langone ripped the Federal Reserve and Biden administration's handling of inflation on"Mornings with Maria" on Wednesday, March 8, 2023. "The poor people, the little people, the people living from paycheck to paycheck," he continued, "they're the ones that get hurt the most."
Further assessing the macroeconomic picture, Langone – who also co-founded retail giant Home Depot – called the Fed under Powell a "gang that can’t shoot straight," arguing they got a late start on the fight against inflation. "Frankly, they act like the gang that can't shoot straight because we should keep raising rates until we break it. Now, it's going to be some pain," the billionaire said. "Senator Warren, she talks out of both sides of her mouth. What she doesn't realize is the people who pay the most for inflation are the lower-income people. Inflation is the most regressive of all taxes ever.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
2 injured in shooting after leaving Home Depot, police say2 men were leaving Home Depot when they noticed a vehicle following shortly before it...
Lire la suite »
Sen. Bob Menendez: Biden Has Chosen Not to Appoint Latinos to the FedSen. Bob Menendez (D-NJ) excoriated President Joe Biden for not appointing more Latinos to the Federal Reserve board.
Lire la suite »
Biden picks 2024 election over DC home rule in crime vote fightPresident Joe Biden’s stand against the wishes of Washington, D.C.’s liberal leaders, and the congressional Democrats who backed them despite concerns about rising crime, marked a rare instance of Biden choosing his political future as a centrist over the excesses of his party.
Lire la suite »
Jill Biden blasts Nikki Haley plan to test Joe Biden’s mental competence: ‘ridiculous’First lady Jill Biden called it 'ridiculous' for GOP presidential hopeful Nikki Haley to demand cognitive function testing when politicians turn 75, a poke at...
Lire la suite »
Insana: The Powell Fed is determined that it's 'Never Going Back Again' to zero ratesThe Fed does not want to revisit another period, of more recent vintage, in which it was forced to engage in unconventional monetary policies.
Lire la suite »