Kevin O'Leary on 'nasty' inflation: It's creating a 'downsized America'
O'Leary Ventures Chairman Kevin O'Leary discusses inflation as the president touts Bidenomics, the 'downsizing' of America and division on college campuses.
Inflation holds strong as American voters’ top issue, according to «Shark Tank» star Kevin O’Leary, who warned on FOX Business Monday that it’s creating a «downsized» nation.
«We're looking at a downsized America. I tell it like it is,» O’Leary said on "The Big Money Show." «Three years ago, even 24 months ago, you get a mortgage at 4.5%. You're lucky to get one at eight today. So that means the size of the house you're going to buy is 20 to 25% smaller. That's a downsize.»
«You want to borrow for a car? Sorry, that's 8 to 9%. Used to be five,» the O’Leary Ventures chairman added. «So, smaller, less expensive car. That's happening at the same time.»
The business leader’s comments come less than one week after the Federal Reserve announced it would hold interest rates the same as central bankers confront a surprisingly resilient economy and still too-high inflation.
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The widely expected decision left interest rates unchanged at a range of 5.25% to 5.5%, the highest level in 22 years. But policymakers also left the door open to an additional increase before the end of the year amid concerns that inflation «remains elevated.»
Kevin O’Leary explained on «The Big Money Show» Monday how «nasty» inflation and the Fed’s rate campaign is forcing Americans to downsize on their homes, cars and lifestyles. (Fox News)
«Inflation has been coming down, but it's still running well above our 2% target. The labor market has been re-balancing, but it's still very tight by many measures. GDP growth has been
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