On Monday, former Chrysler and Home Depot CEO Bob Nardelli expressed concerns that the economy is on the brink of significant trouble, warning that the “fault lines are about ready to crack.” He added that the alleged policy errors of the Biden administration might create a substantial mess for the next Oval Office occupant to address.

“What I’ve seen over the past three-and-a-half years is that a series of debacles and missteps have created a tremendous pressure on the fault lines of our economy, and they’re about ready to crack,” he told FOX Business’ Maria Bartiromo. “Whoever gets the next stint in the White House is going to be hit with a wrecking ball in trying to correct the missteps and the overspending of this current administration, so we’re in for a rough time, I would say.”

Nardelli’s remarks were made in response to questions about the green climate agenda that has been a focus of policy since President Biden took office in January 2021. This agenda, often termed a “war on fossil fuels,” has prompted criticism from some economists and commentators who argue that the administration’s policies have hindered U.S. oil production and contributed to rising energy costs.

Meanwhile, inflation — which spiked under Biden and a Democrat-led congressional spending spree amounting to trillions of dollars — has hit the vast majority of working Americans hard.

“The inflation pipeline has a long tail, and I’ve seen it across many areas, both on raw materials, of course, we see it on labor, and I did just a quick inquiry over the weekend on apartment rents in downtown Atlanta,” Nardelli said.

“For example, a two-bedroom apartment now goes for like $3,500 a month, and that’s up a couple of thousand dollars from the post-pandemic period, so it’s really depressing to see the impact on family net worth and income level, even though we’ve seen 40% wage increases in some cases, it’s being totally, totally absorbed with inflation and the cost of living,” he continued.

A recent Wall Street Journal analysis indicates that American households’ net worth has remained stagnant during President Biden’s tenure. The report shows that household incomes rose by 19% under Biden, similar to the 23% increase during Trump’s presidency. However, when adjusted for inflation, the increase under President Biden is only 0.7%, compared to 16% during Trump’s first three years.