Former Chrysler and Home Depot CEO Bob Nardelli warned that the fault lines of the economy are "about ready to crack" on Monday, adding that the Biden administration's alleged policy missteps could leave a cumbersome mess for the next person who sits in the Oval Office to clean up.
"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' Maria Bartiromo.
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"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, so we're in for a rough time, I would say."
Nardelli's comments came in response to questioning about the green climate agenda that has been echoed in policy since President Biden took office in January 2021. The often-described "war on fossil fuels" has led some economists and commentators to call out the administration for hindering U.S. oil production and contributing to higher energy costs.
At the same time, Americans are taking hits from other elevated necessity costs, including groceries and rent.
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"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," Nardelli said.
"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 continued.
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This comes as a recent Wall Street Journal analysis found that American households' net worth has flattened during Biden's tenure. Specifically, the report found that household incomes experienced a 19% increase under Biden, comparable to the 23% increase during Trump's presidency, but inflationary adjustments put the increase under President Biden at only 0.7%, compared to 16% for Trump's first three years.
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FOX Business' Eric Revell contributed to this report.
