Shark Tank Star Kevin O’Leary Slams ‘Bidenomics’ on Fox: ‘Starving Small Business In America’

Shark Tank TV star and Canadian investor Kevin O’Leary joined Fox News on Wednesday where he criticized President Joe Biden‘s new economic plan for “starving” small businesses in the United States.

At the beginning of the segment, Emily Compagno cited a report from Fortune magazine that claimed more Americans are cutting back on personal hygiene products as a sign of lasting inflation. O’Leary followed up with pointed criticism of ‘Bidenomics’ and claimed that the lack of help for small businesses is hurting the economy.

“The problem with the policy so far and the multiple bills, including the CHIPS Act and of course, the anti-inflation act, whatever you want to call it, is just massive spending, but it’s the target of where that spending went,” O’Leary told the Fox panel. “Most of it’s going to the S&P 500 companies. They’re important. They’re big employers in America. However, they only represent 40% of the economy. What we haven’t seen as the unintended consequence that’s now we’re seeing is that we’re starving small business in America.”

The television finance personality added that small business owners are having a difficult time raising capital because of “rapid” rate hikes from the Federal Reserve.

“This is why I was on the Hill yesterday. I was banging the drum up and down the halls saying, ‘Everybody, let’s wake up to what’s happening to my small companies. I got 34 plus companies. They can’t raise a dime!’ There’s no Bidenomics for them. They have no capital. And that’s a big problem and it’s manifesting itself,” he added.

O’Leary then explained that while the CPI inflation is down, core inflation remains relatively high for individuals trying to survive on modest incomes. The investor predicted that the issue will damage Biden politically and begin to manifest in the polls.

“They’re getting killed…You talk to anybody running a small business between five and 500 employees, they cannot raise any money. That’s bad economic policy. And that’s because Biden’s focused only on the big guys,” O’Leary concluded.

Watch above via Fox News.

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