Shark Tank star Kevin OLeary 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 OLeary 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 OLeary warned that real chaos is coming to the economy this fall during an appearance on Fox Business.
This was inevitable, OLeary explained. We talked about it six weeks ago, and now youre just starting to see the chips start to fall. The layering is as follows: The regional [banks] dont 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, OLeary said. And whats it doing to small business? Killing them right now.
More interest rate hikes are likely on the way from the Fed as inflation lingers.
OLeary, known as Mr. Wonderful on TV, said that the average American is going to pay the price for their governments failures.
What I anticipate is going to happen here, while we still have full employment which is remarkable, and you dont put any capital into the small business sector, which is 60% of the jobs in America, youre going to start to see some real chaos come September, October, November, OLeary told host Larry Kudlow. This is an issue for Congress, Larry. Its 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, OLeary 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 hes leaving them behind.
Economic chaos heading into an election year could be the fatal blow to Bidens chances of being reelected.
Poll at source.