John Catsimatidis a billionaire businessman, owner of a supermarket chain and radio talk show host, predicted that the country’s economy would worsen. He claimed that a recession was completely preventable because he blamed the Biden administration, which refused to let America power itself.
Catsimatidis, who appeared on Fox Business Network’s Monday Mornings with Maria, discussed the country’s economic condition and record-high gas prices. She warned that the worst is yet ahead.
He said that “it will get worse”, which is very, very sad, and added that it was completely unnecessary.
It doesn’t have the to happen. He continued, “A recession doesn’t have to happen.
Catsimatidis is the chairman and CEO of Red Apple Group, Gristedes Foods and United Refining. He also blasted President Biden for his “obsession” in “not turning off the spigots to North America” — ignoring homegrown energy through domestic drilling.
He said, “We have oil for a hundred years.” “Let them open the spigots, and the price for crude oil will drop to 55, 60 or 65, perhaps half!”
The billionaire owner of a supermarket chain highlighted the absurdity of the current administration’s policies in this area.
Catsimatidis warned that raising interest rates by the Federal Reserve will not only bring down oil prices and prevent a recession, but also “wipe away the real estate industry [and] all other American industries.”
He claimed that “somebody” (the president) is trying to destroy America and called for Democrats to speak out.
He said, “I hope there are enough common-sense Democratic Senators to say, “Enough is enough; Why are we destroying America?”
He asked, “Do you know how much it has cost the American people to fuel their cars and eat healthier?” It’ll go higher with $120 oil.
Then, he pleaded with President Obama to use American energy resources and stop the U.S. from groveling before other countries, even those under U.S. economic sanctions.
He said, “I’m beg the White House; i am begging President Biden that enough is enough.” “I am begging the Democratic senators for enough.”
He said, “Turn on North America’s spigot; don’t go to Iran and beg for crude oil for $120.00 [and] making them richer.” “Don’t ask Saudi Arabia for crude oil, don’t go to Venezuela for crude oil. We have it.”
Catsimatidis, a multi-company owner, spoke out about the damage inflation can cause to companies like his.
He said that diesel fuel is used for 70% of all transport to grocery stores across the country. Diesel fuel is also used by factories that produce the food.
He noted the recent double-digit increase in diesel fuel prices and warned that food prices will continue to rise “unless” we take control.
He said, “It’s nothing to do with the food company.” It all comes back to rising oil prices, crude oil, as well as what’s going on in America today.
He said, “We are transferring our wealth from America to foreign countries.” “That’s exactly what we are doing.”
Catsimatidis called the situation “mind-boggling” and said that foreign countries could have elected Joe Biden to do a better job.
According to polls, Americans are reporting the highest levels of dissatisfaction about their financial situation in over 50 years.
The Consumer Price Index was at its highest point in 40 years in March. It was closely followed by the April inflation rate.
Jamie Dimon, chief of J.P. Morgan Chase, recently warned that turmoil is imminent for the U.S. economic.
Dimon stated, “Right now, it’s kinda sunny, things are going fine, everyone thinks that the Fed can handle them,” “That hurricane is just down the road, coming our way.”
He said, “We don’t know if this is a minor one oder Superstorm Sandy.” “You better brace yourself.”
Tesla CEO Elon Musk claimed last week that he plans to reduce ten percent of his jobs at the electric carmaker due to a “super bad feeling about the economy.”
Catsimatidis, a Catsimatidis spokesperson, warned that inflation is “here to remain” since Americans continue to pay more for goods under the Biden administration.