Bob Nardelli: The fact checkers took a holiday during Biden speech
XLR-8 LLC Founder & CEO Bob Nardelli reacts to Biden touting economic success as corporations are laying off more employees
Former Chrysler and Home Depot CEO Bob Nardelli slammed President Biden's positive outlook on an economy crumbling under crippling inflation and massive layoffs. On "Fox & Friends" Friday, Nardelli called Biden's recent remarks in Virginia a "campaign speech full of rhetoric" that's "impossible to believe" in today's economic environment.
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BOB NARDELLI: I watched the entire speech with a great deal of intensity and listening very carefully to the president's word. And I found myself shaking my head continuously. It sounded exactly like a campaign speech full of rhetoric. And the fact-checkers had a holiday yesterday, didn't they, going after some of his some of his statements. It is not the economy and the business that I live and work in every day. Dealing with large corporations, the lower middle market. I mean, how could he talk about how great the economy has been? For example, IBM laying off 3900 people, 3M 2500 people, Google 12,000, Microsoft 10,000, Amazon 18,000. When did we ever think Amazon would lay 18,000 people off? And I can tell you, dealing with a lot of lower middle market companies, this rolls down and we're seeing the same percentage, not as big a number, but the same percentage on the lower middle market companies. And they're all being affected by one of the first decisions this president made when he was in office. And that's the effect on the energy policy. We were energy independent, and he surrendered our position. So by increasing fuel costs, it added to the cost of shipping product to make products, and then it added more costs by shipping it to the retail shelves. At the same time, shrinkflation, less ounces, less pieces per package. It's impossible to believe what he said about this robust economy. Inflation still is exceeding wages, and wages are adding significantly to our inflation rate also. So it's not the business and economy he talked about. I don't know what he was referring to.
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