Home Depot co-founder Bernie Marcus says he's worried that President Biden’s economic policies that helped fuel inflation are crushing the household budgets of American consumers and Home Depot customers.
Marcus, who co-founded Home Depot in 1978, spoke with FOX Business senior correspondent Charlie Gasparino for a wide-ranging interview in which he blasted Biden’s economic policies for exacerbating the rise in prices that face consumers. Year-over-year inflation hit a 40-year high of 9.1% in June 2022 amid an influx of federal spending as well as supply chain issues. While inflation has declined to 3.7% as of September, it remains nearly double the Federal Reserve’s target rate of 2%.
"I never anticipated anything like what we’re going through," Marcus said of Biden. "I wake up every morning and I say, ‘What is this dunce going to do today?’"
"He cut back drilling, he caused the inflation, the inflation caused every other problem for every businessman, for every American," Marcus said. "And the people that he’s supposed to represent – the poor people, the middle class – they’re getting killed today."
FED’S FIGHT AGAINST INFLATION IS WEIGHING ON MIDDLE-CLASS AMERICANS
He went on to say that inflation is hitting the finances of Home Depot customers as they confront higher prices for food, energy, rent, insurance and more.
"I’ll tell you something. I have never forgotten the fact that I was a small businessman, and Home Depot customers – I have them in mind – they’re getting killed," Marcus said.
"They’re getting killed. They can’t afford to fill their cars with gas. They can’t afford to put a good meal on the table for their families. They can’t afford their rent. They can’t afford their insurance. Every freaking thing that there is, is up. And even when we see it drop a little bit, it drops on top of this number," Marcus said.
FED LEAVES INTEREST RATES UNCHANGED AGAIN DESPITE STILL-HIGH INFLATION
The Federal Reserve’s Open Market Committee (FOMC) met last week and chose to keep the benchmark federal funds rate unchanged at a 22-year-high range of 5.25% to 5.5% while leaving the door open for an additional increase before the end of the year amid concerns that inflation "remains elevated."
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The Fed’s policymakers approved 11 interest rate hikes in the last 16 months – the fastest pace of tightening since the 1980s as the central bank raised the federal funds rate from near zero to its current level as part of its drive to tamp down high inflation. Another FOMC meeting is scheduled for Dec. 12-13, which is when policymakers are to decide on another potential rate hike.
Watch Home Depot co-founder Bernie Marcus's full interview with FOX Business Network's Charlie Gasparino below:
FOX Business’s Megan Henney contributed to this report.
