BlogKevin O'Leary: Joe Biden Wrong Policies Caused This Inflation! 

Kevin O’Leary: Joe Biden Wrong Policies Caused This Inflation! 

In an interview, Anthony Pompliano asks Kevin O’Leary that one of the most important topics right now in finance is inflation. We’ve seen the president of the United States, Joe Biden come out and order via Twitter, gas stations to lower their prices, and they blame everybody from Trump to covid to Putin and the whole nine yards. 

What is going on and are they simply as Jeff Bezos suggested trying to do misdirection on inflation or do they not understand the essential market dynamics of what’s driving the inflation we’re facing right now.

Kevin O’Leary said unfortunately for Joe Biden and the administration, there were some policy mistakes made early in the Mandate over two years ago. Particularly around energy, there are two pressure points that are causing all of this political Activity one is inflation on energy. Five to seven dollars of gasoline per gallon is just a killer when it comes to midterm elections. There’s no getting around that problem because people see that every time they fill up their truck or car. 

Then of course protein, the food supply chain in the US from Chicken on down is up between 30 and 48 percent. So food and energy are very political because you’re forcing families to spend so much more of what they make. On things that they never have to worry about now they do heating their homes and just feeding their families. So it’s very difficult to reverse the mistakes made in energy. 

Let’s start there canceling, the Excel pipeline canceling, leaseholds on Federal Land shutting down, and offshore development. Canceling the activity that was going on in Alaska, which was very prolific in terms of providing gas and oil. Really making it hard to figure out carbon costs.

If you’re using, you know any kind of fracking service. So all of a sudden of course, we are no longer energy independent. We were in a perverse situation even before the Ukraine war. We had Russian tankers coming into Boston Harbor. So that’s policy mistakes and you know takes time to fix that.

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When Joe Biden goes over to Saudi Arabia to get more oil from them. It won’t matter Energy prices in the United States. Because we don’t have enough refinery capacity. We just canceled another Refinery we need three more again bad policy.

Now, where this is going to manifest itself in a very ugly way. In any midterm election, the incumbent loses seats in the House. Kevin O’Leary said I fear for the administration a complete Slaughter Fest in the midterm election.

Everything’s going to turn it’s going to be brutal. I think what do you do, what can you do if you want balance, you’re not going to get it here. There’s going to be a lot of seats lost in the Democratic party and in a way they did that to themselves on bad policy. 

Read: The US economy is much worse than you thought

Of course, they’re scrambling and anything can happen between now and the fourth quarter. But I’m not optimistic for him and he was given the mandate to solve the pandemic. He did a reasonably good job there but this energy policy and what happened in inflation caught him off guard.

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