“Shark Tank” co-star Kevin O’Leary said Wednesday’s inflation numbers will hurt President Joe Biden’s re-election chances.
Inflation remained high as the Consumer Price Index (CPI), a broad measure of the prices of everyday goods, rose at an annual rate of 3.4% in April, compared with 3.5% in March. according to to the Bureau of Labor Statistics. O’Leary of “Fox & Friends” said the data makes it certain the Federal Reserve won’t lower interest rates in 2024 and that voters won’t appreciate these negative economic indicators. (Related: More Americans are maxing out their credit cards and missing payments than during the pandemic)
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“In my opinion, it guarantees that the Fed won’t cut rates at all this year, which is something you don’t want as an incumbent,” O’Leary said. “Politically, this seems to have happened. Inflation data could be 20/20 in retrospect. We pumped a lot of money into the economy during the pandemic. But that turned out to be the right thing to do to avoid a recession. But then we continued, probably spending about $2 trillion too much, and the Inflation Control Act didn’t actually control inflation. , as you can see from these numbers, it was inflation. This is a terrible report.”
“Unfortunately, the numbers don’t lie,” O’Leary continued. “This shows up in the issues around food, especially protein, gasoline, housing, and the inflation numbers. Those are bad indicators when you’re at the polls. We don’t know what’s going to happen, but you want the Fed to cut rates. I want them to talk about 2%, but none of that is happening. These are not good news for the current administration. These are troubling. There is no way to explain it.”
inflation reached the peak After rising from 1.4% year over year in January 2021, it rose to 9% under the Biden administration in June 2022 and has not fallen below 3% since then. Rising inflation is weighing on Biden’s re-election prospects, with about 49% of voters believing his policies are hurting the economy, according to a survey by the Financial Times and the University of Michigan’s Ross School of Management. replied.
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