On Tuesday, April 30, 2019, Kevin O’Leary, Chairman of O’Shares Exchange Traded Funds, listened to a speech at the Milken Institute Global Conference in Beverly Hills, California, USA.
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U.S. voters are “angry” about inflation. The Democratic Party will encounter difficulties in next year’s midterm elections. Celebrity investors Kevin O’Leary Tell CNBC on Tuesday.
“People are angry,” he told CNBC “Capital connection.”
“They are very angry with inflation. I don’t have a better word than that.”
“They are not happy. My employees are not happy. They will vote with the cost of bread,” said the “Shark Tank” investor.
U.S. consumer prices rose 6.2% in October, The biggest increase in more than 30 years.
Fed officials have always said that the price spike will be temporary and the result of supply chain disruption, but O’Leary holds a different view.
“We have seen real inflation. We have seen a significant increase in gasoline prices, and the prices of food and bacon are just basic goods purchased by our employees-these are substantial increases,” he said.
O’Shares ETF Chairman O’Leary attributed the increase in energy prices to the Biden administration’s efforts to get rid of fossil fuels.
He said that the United States achieved energy independence and saw prices fall, but then there was a reversal at the federal level.
“Suddenly, we saw images of tankers from unfriendly areas entering Boston to provide energy for the East Coast. This is broken,” he said. “So you have seen energy prices soar. This is not appropriate for voting districts.”
America president Joe Biden O’Leary said he was elected to solve the problems caused by the pandemic, but his trillion-dollar bill may have brought other problems.
“He was not authorized to stimulate inflation, nor was he required to become Roosevelt,” he said. Former President Franklin D. Roosevelt in the 1930s When he launched a series of New Deal plans to expand social policy, he increased federal spending.
“The last thing we need is the inflation bill,” he said, referring to Biden received the $1.75 trillion plan approved by the House of Representatives last week.
“We don’t need more money in this economy, the economy is burning,” he said.
The Better Rebuild Act is expected to provide funding for a range of projects, from education to healthcare to renewable energy credit and housing. It still needs to be submitted to the Senate, where it may be revised.
O’Leary said that from an investor’s point of view, the bill would add “excessive stimulus”, adding that he was worried about hyperinflation. He said he expects legislators to radically change the plan.
“The Senate will tear this to pieces…stop it completely,” he said.
— CNBC’s Greg Iacurci and Christina Wilkie contributed to this report.