Billionaire CEO Warns Economy Will Get Worse, Blames Biden Administrator for ‘Destroying America’

The country’s economy will get worse, warned billionaire businessman, supermarket chain owner and radio host John Catsimatidis, who said a recession was completely preventable, as he blamed the Biden administration for refusing to “turn on the faucets” and allow for the United States to feed on. .

Appearing on Fox Business Network’s “Mornings with Maria” on Monday, Catsimatidis assessed the country’s economic situation and current record gas prices, warning that the worst is yet to come.

“It’s going to get worse, which is really, really sad,” he said, adding that it’s totally unnecessary.

“It doesn’t have to happen. As I said before… a recession doesn’t have to happen,” he continued.

Catsimatidis, who serves as chairman and CEO of Red Apple Group, Gristedes Foods and United Refining, criticized President Biden’s “obsession” with “not turning on the faucets in North America” ​​— rejecting local power through domestic drilling.

“We have a hundred years of oil,” he said. “Let them turn on the faucets and the price of crude will go back to 55, 60, maybe 65 – half!”

The billionaire owner of the supermarket chain highlighted the irrationality of the current government’s policies on the subject.

“No one can understand – all the people I’ve talked to – no one can understand why this obsession with North America,” he said. “[Biden] wants to fly to Saudi Arabia and beg the Saudis to give us another half a million barrels at $120 a barrel.”

“Does that make any sense?” he added. “It makes no sense!”

Catsimatidis also warned that raising interest rates by the Federal Reserve will not only “reduce the price of oil” and bring a recession under control, but also “wipe out the real estate sector.” [and] everything else in America.”

Claiming “someone” [the president] is on the way to trying to destroy America, he urged Democrats to voice opposition.

“I hope we have enough Democratic senators with the sense to say, ‘Enough is enough; why are we destroying America?’” he said.

“You know what the cost to the American people was because of rising gas prices; because of rising food prices?” he asked. “It will go up even higher with $120 oil.”

He then urged the current administration to utilize American energy resources and prevent US humiliation in front of foreign countries, including those subject to US economic sanctions.

“I’m begging the White House; I’m begging President Biden: enough is enough,” he said. “I’m begging the Democratic senators: enough is enough.”

“Turn on the tap for North America; don’t go begging iran for crude oil for $120.00 [and] make them richer,” he added. “Don’t beg Saudi Arabia for crude; don’t beg Venezuela for crude oil; we have it.”

Catsimatidis, who runs several companies, went on to describe the damage that inflation from historically high energy costs does to companies like his.

“Seventy percent of all transportation to supermarkets across the country is done by truck and they use diesel oil,” he said. “Also our factories that make the food, that process the food, use diesel oil.”

Noting the recent doubling of diesel prices, he warned that food prices would continue to rise “unless we take control.”

“It’s not the problem with the food company,” he said. “It all goes back to the rise in oil prices, crude oil and what is happening in the United States today.”

“We are transferring our wealth in the United States to foreign countries,” he added. “That’s what we’re doing.”

Calling the situation “incomprehensible”, Catsimatidis argued that “if foreign nations elected Joe Biden, they couldn’t have done a better job”.

The billionaire businessman’s warnings come as severe pessimism grips The US economy and Americans report the highest level of dissatisfaction with their financial situation in at least half a century, according to recent polls showing how much inflation has hurt the US economy and Americans’ perceptions of their own well-being. financial.

The Consumer Price Index in March was the highest in 40 years and the April inflation rate was just behind.

JP Morgan Chase boss Jamie Dimon recently warned of turmoil in the near future for the US economy.

“It’s kind of sunny right now, things are going well, everybody thinks the Fed can handle it,” Dimon said. “That hurricane is right there on the road heading our way.”

“We don’t know if it’s a small storm or superstorm Sandy,” he added. “You better prepare.”

Last week, Tesla CEO Elon Musk was reported having plans to cut ten percent of jobs at his electric car maker because he has a “super bad feeling” about the economy.

Last year, Catsimatidis warned inflation is here to stay, as Americans continued to pay more for goods and services under the Biden administration.

“If we get people back to work and stop giving out unemployment checks – it will help transport costs in that regard,” he said. “But I don’t see prices dropping in the near future. The price of crude is not falling and inflation is here to stay.”

Follow Joshua Klein on Twitter @JoshuaKlein.

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