Billionaire businessman and Home Depot co-founder Ken Langone has branded President Joe Biden a failure because of his inability to control rising inflation.

In an an appearance on "Your World with Neil Cavuto" on Fox News, Langone said Biden is "worse than Jimmy Carter."

"This was a real serious case of inflation. We lost a whole year on addressing the issue. Only because, frankly, we have leadership today in America that isn't willing to admit when they're wrong," said Langone. "They made a terrible blunder here, and now the price has got to be paid."

America's inflation rate hit a four-decade high earlier this month when the Biden administration reported that year-over-year inflation for March reached 8.5 percent. This has caused everything from food to the cost of energy to get exceptionally more expensive.

As a possible solution, Langone said in the Fox News interview that the Federal Reserve should consider raising interest rates to match or go higher than the inflation rate to tame the out-of-control price increases.

"If you want to get inflation back, if you want a benchmark, you're going to probably need interest higher than 8.5 percent," said Langone.

Biden's climate policy also hurting efforts to control inflation

Langone also criticized Biden for closing the Keystone XL pipeline, claiming that scrapping the pipeline project did not serve the national interest and may have jeopardized America's energy security more than the Russian invasion of Ukraine.