Home Depot co-founder Ken Langone says there’s a “scary” sign flashing in the U.S. economy — and Washington better pay attention.
Langone, a self-described “free trade guy,” warned that America’s mounting debt and international standing are both under threat. “If we fritter that away, we’re in trouble,” he told Fox News’ Bret Baier on Special Report Tuesday.
“Our debt is thirty-six, thirty-seven trillion now,” he said. “And we’re adding a trillion a year just in interest. That’s scary.”
The markets were relatively calm Wednesday as investors waited on the Federal Reserve’s next move. The Dow ticked up over 20 points, while the S&P 500 and Nasdaq also made small gains.
But Langone pushed back on the idea of more rate cuts, despite political pressure from the Trump administration to ease rates and fuel growth. “We’ve got Iran, we’ve got tariffs — people are nervous,” he said.
He pointed to weak retail sales and sluggish manufacturing as evidence that the economy is cooling. “People are going to the sidelines,” Langone said. “They’re being cautious.”
He also flagged a recent failure to float a 20-year bond as a major red flag. “That’s a dangerous signal,” he warned. “That’s the beginning. When the integrity of our debt is in question, next comes the currency.”
Langone didn’t say the U.S. is in a full-blown crisis — yet. But he urged leaders to “get some balance here” before it’s too late.