Shark Tank star Kevin O’Leary made one prediction that spells doom for Joe Biden Photo by Mike Petrucci from Unsplash
Joe Biden is presiding over one of the worst economies in decades.
One ticking time bomb is set to go off.
And hark Tank star Kevin O’Leary made one prediction that spells doom for Joe Biden.
Rising interest rates from the Federal Reserve to combat inflation are wreaking havoc on the economy.
The cost of borrowing money is soaring and lenders are tightening their standards leaving businesses struggling to find capital.
Shark Tank star Kevin O’Leary warned that “real chaos” is coming to the economy this fall during an appearance on Fox Business.
“This was inevitable,” O’Leary explained. “We talked about it six weeks ago, and now you’re just starting to see the chips start to fall. The layering is as follows: The regional [banks] don’t know yet what their capital requirements are going to be. So, their loan books have closed like a turtle in a shell.”
Major regional banks had their credit ratings downgraded because of their exposure to commercial real estate.
As a result of them tightening their lending standards a credit crunch is beginning to squeeze small businesses.
“This gets worse before it gets better,” O’Leary said. “And what’s it doing to small business? Killing them right now.”
More interest rate hikes are likely on the way from the Fed as inflation lingers.
O’Leary, known as “Mr. Wonderful” on TV, said that the average American is going to pay the price for their government’s failures.
“What I anticipate is going to happen here, while we still have full employment which is remarkable, and you don’t put any capital into the small business sector, which is 60% of the jobs in America, you’re going to start to see some real chaos come September, October, November,” O’Leary told host Larry Kudlow. “This is an issue for Congress, Larry. It’s very simple.”
Borrowing costs for small businesses have surged to record highs leaving Main Street struggling while the Biden regime prioritized Wall Street with his pork barrel spending.
An unprecedented gap in lending costs has developed between small businesses and the corporate sector.
“They gave all their money to S&P 500 in two acts, the Chips and Science Act and the other, Inflation Reduction Act,” O’Leary said. “Not a dime for small business. A trillion for the big boys, nothing for the small guys. And the small guys, they run America, so it has to be rebalanced somewhere, Larry.”
Small businesses are getting crushed while major corporations are flush with money from record government spending.
President Joe Biden laughably claims that his “Bidenomics” economic plan is delivering for ordinary Americans.
Small businesses are the backbone of the economy and create most of the jobs in the country but he’s leaving them behind.
Economic chaos heading into an election year could be the fatal blow to Biden’s chances of being reelected.
Poster Comment:
Poll at source.