“The way to think about it is there’s not going to be a lot of relief on inflation because if we pump another $600 billion free cash, which is basically what ‘The Inflation Reduction Act’ is, into the market after putting $6 trillion of free money in — there’s a reason we have inflation. We just print too much money.” Kevin O’Leary, Shark Tank
Key Points:
- Federal government is printing too much free money
- Supply chain is still broken
- Perpetual Inflation – Inflation will continue around 6% to 8% due to increased demand and loss of purchasing power.
Adding more money to an already inflated economy won’t bode well for Americans and their families, O’Leary argued. The Inflation Reduction Act won’t help the U.S. with its ongoing labor shortage, as the labor force participation rate sits at 62.2%, a slight tick downward from the prior month. There are nearly twice as many job openings in the U.S. as there are unemployed people. “Part of that is a result of just giving free money to everybody all of the time and saying, ‘Look, stay at home. Stay on your sofa,'” O’Leary said.
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