‘The last thing we need is an inflation bill’ says Kevin O’Leary, on U.S. spending plan

‘The last thing we need is an inflation bill’ says Kevin O’Leary, on U.S. spending plan

Highlights:

  • According to celebrity investor Kevin O’Leary, voters in the United States are “pissed” over inflation, and the Democrats will have a terrible time in next year’s midterm elections.
  • US Federal Reserve officials have stated that the price increase is temporary and due to supply chain delays, but O’Leary believes otherwise.
  • “We are witnessing genuine inflation.” “We’re witnessing a significant increase in gasoline prices, as well as food and bacon prices, and just the necessities that our employees buy,” he said.

Trouble by inflation and the future of Democrats

According to celebrity investor Kevin O’Leary, voters in the United States are “pissed” over inflation, and Democrats will have a terrible time in next year’s midterm elections.

“People are upset, they’re pissed about inflation, there’s no other way to put it.”

They are dissatisfied. My staff is dissatisfied. The “Shark Tank” investor told reporters, “They’re going to vote with the cost of bread.”

In October, consumer prices in the United States increased by 6.2 percent, the largest increase in more than 30 years. Officials from the Federal Reserve have frequently stated that the price increase is temporary and due to supply chain delays, but O’Leary believes otherwise.

“We are observing genuine inflation with a significant rise in gasoline prices, and also bacon and food prices, just the essentials that our employees purchase,” he said.

Rising energy prices, according to O’Leary, chairman of O’Shares ETFs, are due to the Biden administration’s efforts to shift away from fossil fuels. He claimed that the United States had achieved energy independence and that prices had fallen, but that there had been a U.S. government reversal.

“All of a sudden, we’ve got this vision of tankers from hostile regions rolling into Boston to supply electricity to the East Coast,” he explained. “Hence, you’ve witnessed a rise in energy prices.” The voting constituency is unhappy for this.

Demand has surpassed supply, resulting in a 55 percent surge in U.S. petroleum futures and the worldwide benchmark Brent crude so far this year.

Hyperinflation Concerns

President Joe Biden was elected to address the pandemic’s problems, but his trillion-dollar bills may have caused new problems, according to O’Leary.

“He wasn’t asked to be FDR, and he wasn’t given the mandate to inflate,” he remarked. When former President Franklin D. Roosevelt established a series of New Deal programs that expanded social policy in the 1930s, he raised federal spending.

“The last thing we need is an inflation bill,” he remarked, referring to Vice President Joe Biden’s $1.75 trillion plan, which the House passed last week. “In this economy, we don’t need any more money; the economy is on fire,” he remarked.

The Build Back Better Act is planned to fund a wide range of initiatives, including education, health care, renewable energy credits, and housing. It still has to go to the Senate, where it will very certainly be changed.

According to O’Leary, the plan will create “far too much stimulation” for investors, who are concerned about hyperinflation. He expects lawmakers to dramatically revise the idea, according to him.

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