Kevin O’Leary: Inflation Hits Middle Class Hardest

On a recent segment of The Ingraham Angle, Kevin O’Leary, chairman of O’Leary Ventures, joined host Laura Ingraham to discuss the challenges facing the American economy as the country gears up for the 2024 election. O’Leary, known for his sharp economic insights, expressed deep concern over current economic policies and the impact they’re having on working- and middle-class Americans.

O’Leary pointed out that “earnings power is down,” with many Americans being paid less after adjusting for inflation. He noted that basic goods and services most families rely on have risen between 21% and 25%, stating, “It’s the economy, stupid. It always is.” This reference highlighted the classic election cycle theme of economic issues being central to voters’ decisions. O’Leary emphasized that economic policy needs more attention in this election, particularly from Vice President Kamala Harris, whom he criticized for her lack of communication with the media.

Advertisement

Ingraham echoed these concerns, stating that while recent headlines touted a slowdown in consumer prices, inflation remains a heavy burden on American families. “It’s still up almost 20% since Biden and Harris took office. Food’s up 21.8%. Rents up 22.8%. Car insurance—my gosh, up 55%.”

O’Leary also addressed his worries about potential tax changes, specifically the idea of taxing unrealized capital gains, which he believes would harm the country’s economic competitiveness. “Taxing uncapitalized gains… destroys capital formation,” he warned, adding that such a policy would decimate the American dream by discouraging investment. “What matters is policy, and we don’t have any,” O’Leary stated bluntly, urging viewers to focus on concrete policies rather than rhetoric.

Kamala Harris’s Unrealized Capital Gains Tax: A Catastrophic Move for the Economy

Laura Ingraham concluded the segment by pointing out that former President Donald Trump’s policies remain clear and focused on tax cuts and reducing government regulation. Both agreed that taxing unrealized capital gains would be a disastrous move for the U.S. economy, with Ingraham stressing, “We are over if that happens.”

Advertisement

This discussion highlighted the urgent need for economic clarity in the upcoming election, with O’Leary calling for more transparency from candidates about their plans for taxation and policy. As the election cycle heats up, the conversation reinforced the importance of policies that will support, not hinder, the American dream.