In a recent interview, Home Depot co-founder Ken Langone wrecked Senator Bernie Sanders’ proposals for a 32-hour workweek and increased taxes on the wealthy. Langone, a prominent conservative figure, argued that these policies would be detrimental to both businesses and consumers.
Langone contended that Sanders’ targeting of the rich is misguided, stating, “We’re always a target.” He compared the senator’s approach to that of notorious bank robber Willie Sutton, who targeted banks because “that’s where the money is.” Langone emphasized that raising taxes on the wealthy is not a solution, as struggling individuals cannot provide the necessary funds.
While Langone expressed a willingness to pay higher taxes, he stressed the importance of responsible government spending. “My problem is what they do with the tax money they get. Pardon me — they piss it away,” he remarked, citing an example of $15 million allocated to the study of “some bee or some bug.”
Regarding Sanders’ proposed 32-hour workweek, Langone warned of its potential consequences.
@TeamCavuto Ken Langone @realkenlangone brilliantly explained how a 32 hour week will mean 20% higher costs and hence inflation as businesses hire additional help to fill the 8 hour gap. It’s why his decision not to vote @realDonaldTrump bc he is not … polite, makes no sense, is… pic.twitter.com/BtvoJBtWCt
— DocTation, PhD (@McLRacer) March 15, 2024
He argued that reducing work hours would directly increase labor costs by 20%, forcing businesses to hire additional employees to compensate for the lost productivity.
This, in turn, would lead to price hikes and inflationary pressures, ultimately burdening the consumer.
Langone also accused Sanders of hypocrisy, noting the senator’s own status as a multi-millionaire.
He referenced the controversy surrounding Sanders’ wife, Jane O’Meara-Sanders, and her handling of the now-defunct Burlington College, which faced a federal investigation during her tenure as president.
The Home Depot co-founder expressed concern that left-wing policies like those proposed by Sanders have hindered the ability of the working class to advance and entrepreneurs to establish successful businesses.
He highlighted the disproportionate impact of inflation on lower-income individuals, stating, “Food costs are up 15% in the last two years. Who’s getting hit? The person making $75,000 a year or less.”