Kevin O’Leary, a.k.a “Mr. Wonderful,” the celebrity judge on the popular television show Shark Tank, recently shared his views on how President Joe Biden’s response to the bank collapse during the pandemic will shape the future. According to O’Leary, the actions taken by the Biden administration indicate that things “will never go back to normal.”
In an interview with Yahoo Finance, O’Leary spoke about the government’s response to the financial crisis brought on by the COVID-19 pandemic. He noted that the trillions of dollars in stimulus packages and relief efforts have drastically altered the economic landscape. O’Leary referred to the Biden plan as a “Rooseveltian” response, referring to President Roosevelt’s New Deal in response to the Great Depression.
O’Leary’s observation is particularly significant as he is known for his business acumen and entrepreneurship. Having invested in hundreds of successful startups and businesses, O’Leary’s insights into economic and financial matters carry weight.
According to O’Leary, the Biden administration’s response to the pandemic-induced bank collapse will have far-reaching effects on the economy. He believes that the US Government’s actions may lead to a paradigm shift in the role of government in the economy. He argues that the government intervention seen during the pandemic will become the new normal, a point he makes by invoking the Great Depression, an era marked by significant government intervention in the economy.
While some business leaders and economists have criticized the government’s response as excessive, O’Leary sees it as a necessary step to avoid a complete economic collapse. He believes that the Biden administration’s approach will have long-term benefits that far outweigh any short-term costs.
O’Leary further notes that companies and industries will need to adapt to the new economic landscape, a landscape that will feature an increased government presence in the marketplace. The shift towards government intervention, according to O’Leary, will force companies to be more innovative and creative.
While O’Leary’s views are largely positive, he does acknowledge that the government’s response will bring about significant challenges. In particular, he notes the potential for increased inflation, rising taxes, and increased government debt.
In conclusion, O’Leary’s analysis of the Biden administration’s response to the bank collapse during the pandemic offers significant insights into the future of the US economy. According to O’Leary, the government’s actions will ensure that things “will never go back to normal.” Instead, the US economy will undergo significant changes as the government plays a more prominent role in shaping the economy’s direction.