“Shark Tank” star Kevin O’Leary is ringing alarm bells as loud as he can and telling anyone who will listen that September could usher in a disastrously chaotic time for the economy thanks to Bidenomics.
(Video Credit: Fox News)
The O’Leary Ventures chairman is alluding to the fact that President Joe Biden’s insane economic policies are about to crush small businesses.
He spoke on “Fox & Friends” Tuesday and warned America what is about to happen.
“We’ve got the CHIPS and Science Act. Where’s that money going? Behemoth giant companies in the S&P 500. The Inflation Reduction Act, another trillion not even printed yet. All going to big guys,” O’Leary pointed out.
“Now, that’s great. They represent 40% of the jobs in America, the S&P 500. Everybody knows the S&P 500 is the biggest index in the world. But 60% of America is small business. That’s where 60% of the jobs come from. We’ve given nothing to them. And so they’re struggling because the Fed is raising rates up to 5.5% in a matter of months,” he continued.
— BizPac Review (@BIZPACReview) August 31, 2023
O’Leary has been warning for weeks this was coming even though inflation has allegedly been dropping a bit. He claims there is a “crisis emerging” for small businesses. O’Leary recently stormed Capitol Hill to talk to “everybody” who would listen that a liquidity crisis is upon us.
“We have a crisis emerging. … I’m talking about companies with five to 500 employees, which represent over 60% of our economy,” O’Leary remarked. “If you’re in the S&P 500, you have no trouble financing your business. You can’t say that about small business anymore. The cost of capital has gone through the roof.”
He declared that small business owners will be “cut off at the regional bank level,” an occurrence that many have not seen coming or if they did, they are in denial. You don’t have to believe in something for it to smack you between the eyes.
“They’re not lending. The loan books closed down. The rates that he pays for money have gone from 4-5% to 11-17%, and we’re not talking about them. But you’re going to hear a lot of people crying about this in the next few months,” O’Leary claimed.
He went on to explain that there are approximately 4,100 regional banks. That number will allegedly plummet to 2,000 in the next three years, increasing the fear of putting money in banks according to O’Leary.
“During that period, people are very nervous about putting their money in the bank. Because if another one fails, and you have your cash in there right now, you’re only guaranteed for 250,000,” he warned.
O’Leary believes that the employee retention credit for small businesses should be extended.
“That’s the deal where companies that invested in their employees during the pandemic are getting to take back a grant for that,” he noted while stressing the need to “wake up” and support small businesses that provide “60% of jobs in America.”
— BizPac Review (@BIZPACReview) August 27, 2023
“Meanwhile, we’re going to write $2 trillion to the big guys. That in itself is inflation. But it seems unfair to me to support a behemoth company that has a lot of its employees outside of America and not my company’s small business,” O’Leary asserted.
Despite the propaganda being spun out there concerning the economy by leftists, O’Leary is not fooled.
“I’m in the real world talking to CEOs of small companies that are family-owned in America, in almost every state, every day. They’re not happy either. So I’m not listening to that data. I’m dealing with reality,” he declared.
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