Kevin O'Leary Says 'Bidenomics' Is 'Bad' for Small Businesses, Only 'Focused on the Big Guys' In an interview with Fox's "Outnumbered" this week, the "Shark Tank" star slammed the Biden Administration's economic policies.

By Erin Davis

Key Takeaways

  • "Shark Tank" star Kevin O'Leary told Fox's "Outnumbered" this week that "Bidenomics" is "bad economic policy" that's "only focused on the big guys."

"Shark Tank" star Kevin O'Leary slammed "Bidenomics" in the interview with Fox's "Outnumbered" this week, telling the hosts that the administration's economic policies were "starving small business in America."

On the program, O'Leary said that the policies and "multiple bills, including the CHIPS Act and of course, the anti-inflation act, whatever you want to call it" includes massive amounts of spending that isn't targeting the right areas.

"Most of it's going to the S&P 500 companies," O'Leary said. "They're important. They're big employers in America. However, they only represent 40% of the economy."

The "unintended consequence," he said, is that it has all led to the "starving" of small businesses, adding that the "problem" began in the last six to eight weeks.

Kevin O'Leary testifying to Congress about the FTX crash in December 2022. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

Related: Kevin O'Leary Says Here's Where to Put Your Money Right Now: 'Go Where People Hate It'

"We throw billions to Intel and nothing to a guy in Champaign-Urbana who's running a shop with 58 employees," he said. "His cost of capital because of these rapid rate hikes has gone through the moon. He can't raise any capital because the regional banks have stopped lending to him as they wait to see what the new liquidity rules are. You talk to anybody running a small business with between five and 500 employees, they cannot raise any money."

O'Leary made the remarks in response to the Labor Department's latest CPI report, which found that inflation had slowed for the 12th month in a row, with consumer prices increasing 3% from a year earlier (and down from 4% in May).

While core inflation eased "more than expected," according to the report, O'Leary noted that "it is not down," and prices on everyday items continue to vex American's wallets. Rents, gas, and food prices rose 0.2% in June from the previous month.

Related: Wage Growth Outpaces Inflation for First Time in 2 Years, Offering Hope for Economic Growth in the U.S.

"That's bad economic policy," O'Leary said. "And that's because Biden's focused only on the big guys."

Erin Davis

Entrepreneur Staff

Freelance Writer

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

'Nobody Ever Gave Me Anything': More Boomers Say They're Not Transferring Wealth to Family Until They're Dead

A new survey from Charles Schwab found boomers are more hesitant to distribute their wealth than other generations.

Leadership

7 Telltale Signs of a Weak Leader

Whether a bully or a people pleaser who can't tell hard truths, poor leadership takes many forms.

Business News

Your Old Apple AirPods Can Soon Act as an Over-the-Counter Hearing Aid, According to the FDA

The new software is compatible with the Apple AirPods Pro and accessible through iOS — for free and now FDA-authorized.

Side Hustle

This 29-Year-Old Quit Working 12-Hour Overnight Shifts Because Her Side Hustle Brings In Up to $8,000 a Month: 'It Makes Me Happy'

Breanna Meertins picked up a fun hobby in her free time — then learned about an opportunity that would change everything.

Business News

Over 1,300 Google Employees Have Signed a New Petition Asking For Job Security

Google laid off thousands of employees in the past two years, which has left some employees feeling insecure about keeping their jobs.

Business News

Barbara Corcoran Says She Doesn't Look at Resumes: 'Always Hire Attitude Over Experience'

If you think you need a strong resume to work with real estate pioneer Barbara Corcoran, think again.