'Shark Tank' star Kevin O'Leary slams Bidenomics as 'bad policy' that only helps big companies while crushing small businesses
- "Shark Tank" investor Kevin O'Leary slammed "Bidenomics" as a bad policy that's only helping the "big guys."
- "Biden's focused only on the big guys. We've got to save small business right now," O'Leary said.
"Shark Tank" investor Kevin O'Leary slammed President Joe Biden's new slogan to describe economic progress in the US: Bidenomics.
The finance entrepreneur also known as "Mr Wonderful" highlighted the struggle for small businesses under Biden's economic policy, saying the president is only focused on big companies.
"Biden's focused only on the big guys. We've got to save small business right now. We have to do everything in our power to make sure they have access to capital," O'Leary said in a Fox Business interview.
"You talk to anybody running a small business between 5-500 employees, they cannot raise any money. That's bad economic policy," he added.
O'Leary was likely referring to the fallout from Biden's massive fiscal-spending binge during the COVID-19 pandemic – high inflation and sharp increases in interest rates.
In his own words, the president's philosophy aims to "rebuild our economy from the middle out and the bottom up, not the top down." That encapsulates government spending measures, including investment in infrastructure and education.
But such measures have also had some adverse effects on US economy, fueling multidecade-high inflation that forced the Federal Reserve to raise interest rates by 500 basis points since last spring – the fastest pace since the 1980s.
Higher rates are bad news for small businesses as they make borrowings costlier, making it more difficult to fund business operations.
"There's no Bidenomics for small businesses that represent 60% of the economy. Their access to capital is drying up by the day. We have to do everything in our power to make sure they have access to capital. We must save small businesses in America!" O'Leary said in a tweet.