PayPal co-founder and billionaire Trump supporter Peter Thiel declared on Monday at the National Press Club in Washington, D.C., that people are voting for Trump because the leadership of America has failed.

“No matter how crazy this election seems, it is less crazy than the condition of our country” proclaimed Thiel. “Just look at the generation that provides most of our leaders. The Baby Boomers are entering retirement in a state of actuarial bankruptcy. 64% of those over the age of 55 have less than a year’s worth of savings to their name. That is a problem, especially when this is the only country where you have to pay up to ten times as much for simple medicines as you would pay anywhere else.”

“Yet while households struggle to keep up with the challenges of everyday life, the government is wasting trillions of dollars of taxpayer money on far-away wars,” he continued. “Right now, we are fighting five of them. In Iraq, Syria, Libya, Yemen, and Somalia.”

“Now, not everyone is hurting,” Thiel explained. “In the wealthy suburbs that are in Washington, DC, people are doing just fine. Where I work in Silicon Valley, people are doing just great. But most Americans don’t live by the beltway, or the San Francisco bay. Most Americans haven’t been part of that prosperity. It shouldn’t be surprising to see people vote for Bernie Sanders, or for Donald Trump, who is the only outsider left in the race.”

Reiterating his views that both candidates are imperfect, Thiel stated, “I don’t agree with everything Donald Trump has said and done, and I don’t think the millions of other people voting for him do either,” adding, “Nobody thinks his comments about women were acceptable. I agree, they were clearly offensive and inappropriate.”

“But I don’t think the voters pull a lever in order to endorse a candidate’s flaws,” he explained. “It’s not a lack of judgement that leads Americans to vote for Trump. We’re voting for Trump because we judge the leadership of our country to have failed.”

Charlie Nash is a reporter for Breitbart Tech. You can follow him on Twitter @MrNashington or like his page at Facebook.