The CEO who correctly predicted the predicted the retail apocalypse currently buffeting America has a new warning about the U.S. economy that is even more worrisome.
Former boss of Home Depot and Chrysler Bob Nardelli says that Joe Biden’s horrible policies are going to cause major problems at the end of this year and into 2025.
“What I’ve seen over the past three-and-a-half years is that a series of debacles and missteps have created a tremendous pressure on the fault lines of our economy, and they’re about ready to crack,” he told Fox Business Network.
“Whoever gets the next stint in the White House is going to be hit with a wrecking ball in trying to correct the missteps and the overspending of this current administration,” he said.
“So we’re in for a rough time, I would say,” he added.
This is not the first time that Nardelli has made a serious prediction for the U.S. economy.
Last year he warned that there were going to be a lot of bankruptcies coming up. And he was right.
He was right. More than 5,500 stores shut down in 2023 and in just the first four months of this year another 2,600 closed.
“The inflation pipeline has a long tail, and I’ve seen it across many areas, both on raw materials, of course, we see it on labor, and, I did just a quick inquiry over the weekend on apartment rents in downtown Atlanta,” he added.
“For example, a two-bedroom apartment now goes for like $3,500 a month, and that’s up a couple of thousand dollars from the post-pandemic period, so it’s really depressing to see the impact on family net worth and income level, even though we’ve seen 40% wage increases in some cases, it’s being totally, totally absorbed with inflation and the cost of living,” he said.
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