“Shark Tank” fame investor Kevin O’Leary has expressed his concerns to Vice President Kamala Harris’ proposed economic plan and described some aspects of it as a “really bad idea”.
What happened: Harris recently unveiled her economic plan at a rally in North Carolina. The strategy includes various economic measures, such as tax breaks for children and homeowners, as well as a nationwide ban on gouging in grocery stores, The Hill reported.
On CNN, O’Leary criticized the proposal to impose extortionate pricing. The Shark said, “They tried that first in Venezuela, Cuba, North Korea, the USSR. No, that won’t work.” He questioned the practicality of corporate price-fixing based on extortionate pricing and expressed concern about Harris’ limited interaction with the media.
The investor also disagreed with Harris’ initiative to help first-time homebuyers with a $25,000 down payment and a tax credit, claiming such a move would trigger inflation in an already tight market.
O’Leary also expressed doubts about Harris’ plan to build three million new housing units over the next four years, arguing that housing construction is regulated at the state level and not governed by federal mandates.
O’Leary’s criticism joins a chorus of critics of Harris’ economic agenda, including Trump’s campaign team and the Washington Post editorial board, which called the plan a “populist ploy.”
See also: Donald Trump asks: “Why do we have an election?”
Why it is important: Harris recently proposed a federal ban on price gouging by food and grocery retailers as part of her economic platform. The proposal, announced ahead of a campaign rally in North Carolina, aimed to increase scrutiny of mergers in the food industry to protect consumers from rising food prices.
The plan, which is consistent with the Biden administration’s focus on consumer protection, also included measures to cut costs in the meat industry, prescription drugs and housing. Harris’ proposal followed her earlier efforts to limit unfair rent increases and crack down on corporate landlords.
O’Leary’s criticism of Harris’ economic plan is not an isolated case. The billionaire entrepreneur and O’Leary’s colleague on Shark Tank, Mark Cuban criticized the former president Donald Trump’s Plan to combat inflation.
According to a poll conducted by the Wall Street Journal, most economists believe that a possible Trump victory in the upcoming presidential election could lead to an increase in inflation, budget deficits and interest rates.
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This story was created with Benzinga Neuro and edited by Shivdeep Dhaliwal
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