GO
Loading...

Obama Debt Solutions ‘Generational Theft:’ Langone

The nation's debt as a percentage of the economy is going to cause a fiscal storm, Home Depot Founder Kenneth Langone told CNBC on Tuesday.

President Barack Obama's roadmap to reduce the deficit and invest in the future is "generational theft of an enormous magnitude," Langone said in a "Squawk Box" interview.

(Read More: Obama's State of the Union Price Tag $83.4 Billion: Tax Group)

"The fundamentals haven't changed ... And we don't know when the storm is going to hit," he predicted. "It has to happen. If you look at our debt to GDP, eventually you reach a point where there's no turning back."

He used an analogy to make his point. "If you had one meal left, and you had your grandchild with you, would you eat if or give it to your grandchild?"

He said all people would say "give it to my grandchild."

But pursuing the president's vision, he argued, "[Is] eating the grandchildren's breakfast, lunch and dinner right now. And the [grandchildren] haven't been born yet."

Symbol
Price
 
Change
%Change
HD
---

Contact US

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More