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‘Shark Tank’ star Kevin O’Leary slams ‘bidenomics’ in interview Fox’s “Outnumbered” This week, he told organizers, the administration’s economic policies are “starving America’s small businesses.”
Mr. O’Leary said on the show that the policy and “multiple bills, including the CHIPS Act and, of course, the Anti-Inflation Act, whatever you want to call it,” involved huge amounts of spending that weren’t targeted to the right areas. .
“Most of it goes to the S&P 500 companies,” O’Leary said. “They are important. They are America’s big employers. But they represent only 40% of the economy.”
All the “unintended consequences” have led to “starvation” among small businesses, he said, adding that the “problems” began in the last six to eight weeks.
Kevin O’Leary testifying before Congress about the December 2022 FTX crash. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
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“We’re going to put billions of dollars into Intel, but we’re giving nothing to a guy who runs a store with 58 people in Champaign-Urbana,” he said. “His cost of capital has risen significantly because of these rapid interest rate hikes. No. You’ll be talking to management and everyone.” Small businesses with 5 to 500 employees can’t raise capital. ”
Mr. O’Leary spoke in response. Labor Department’s latest CPI reportit turns out that inflation is slowing globally. 12 consecutive monthsconsumer prices rose 3% year-on-year (down from 4% in May).
Core inflation eased “more than expected” but “has not declined,” said O’Leary, who said commodity prices continue to plague American wallets. Rent, gasoline and food prices rose 0.2% month-on-month in June. last month.
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“It’s bad economic policy,” said O’Leary. “And that’s because Biden only focuses on the big guys.”
Bidenmix does not exist for small businesses, which make up 60% of the economy. Their access to capital is drying up by the day. We need to do everything in our power to make sure they have access to capital. We have to save America’s small businesses! pic.twitter.com/tOGLcTkAzu
— Kevin O’Leary, aka Mr. Wonderful (@kevinolearytv) July 16, 2023