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'We have woefully surrendered our energy independence': Bob Nardelli

·Markets Reporter
·2 min read

Business veteran Bob Nardelli says there are "a million" things the U.S. could do if it were "serious about trying to get this economy stitched back together."

In the latest episode of "Influencers with Andy Serwer," the former CEO of Chrysler and Home Depot shared what he would do to improve economic conditions if he were president of the United States.

"We have woefully surrendered our energy independence on the first day of inauguration. I would go back and open up the fracking on government land, I'd reissue some permits " said Nardelli. "As an old oil and gas guy, you have to go out and survey, you have to construct before you can produce."

There's a million things we could do if we're serious about trying to get this economy stitched back together in a meaningful way.Bob Nardelli

He also suggested fixing supply chain issues by increasing the ability to unload shipping containers 24 hours a day, 7 days a week.

"Lets get the Corps of Engineers, let's get people in there that know how to do that, and get goods moving. Thats going to help price. It will allow us to get critical parts and components to complete and assemble," he said.

Photo courtesy of Bob Nardelli
Photo courtesy of Bob Nardelli

He also noted the production of baby formula in the U.S. could be increased and improved in order to avoid shortages like the ones seen earlier this year.

"There's a million things we could do if we're serious about trying to get this economy stitched back together in a meaningful way," he said.

The country's gross domestic product (GDP) has fallen for a second quarter in a row while the Federal Reserve has continued to tighten monetary policy in order to combat multi-decade high inflation of 9.1%.

"I've said for months now that we are in a recession. we've had 9 consecutive months of inflation," said Nardelli.

"When you consider shrinkflation, and hidden inflation, it is well into 10% or above, and I think it's impacting every individual in our country," he added.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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