Carl Icahn, the founder of Icahn Enterprises, shared his views on the state of the U.S. economy during an interview with CNBC Tuesday, anticipating “a recession or even worse” to be on the horizon.

Icahn, whose current net worth is around $17 billion, expects “a lot of trouble ahead”, highlighting the surging inflation, which is a major threat to the economy. Icahn believes the days when cheap goods were coming from the Far East, from China, and even from Russia, are over. He also mentioned that the Russia/Ukraine conflict is causing additional problems to the inflationary picture.

Icahn believes there’s no accountability in corporate America, and the system needs fixing. While he acknowledged there are some very fine companies with some very fine CEOs, Icahn mentioned that too many are not up to the task that he believes is going to be necessitated. He also highlighted the current supply chain problems, because the “companies are so badly run.”