Kevin O’Leary, aka Mr. Wonderful, and Operation Hope CEO John Hope Bryant joined CNBC's "Squawk Box" early Monday to discuss what a potential shift in congressional power could mean for small businesses.
The midterm elections, taking place on Tuesday, Nov. 8, mark the first national election since President Joe Biden defeated Donald Trump in the 2020 presidential elections. This will be an extremely important election for both parties as inflation has run wild since Biden has taken office, leading to the highest-spending political advertising cycle of all time, as the U.S. economy is the number one issue for voters.
What Happened: Bryant mentioned that the U.S. needs a business plan with a course of action that allows the economy to be as efficient as possible.
Bryant explained we are not at war with each other, rather we are at war with Russia and China which subsidize all of their businesses and want to become like the U.S., which is why we need a business plan.
Meanwhile, O'Leary said that he thinks Putin will get himself into a "hunting accident" as the war is not playing out in Russia’s favor and Russian citizens have had to deal with many hardships since it began.
If Putin wants to continue to wage his war, finding ways to negatively impact global supply constraints will be a key factor in hurting Western nations, he added.
O'Leary will be among the featured speakers at Benzinga's upcoming Future of Crypto event on Dec. 7 at NYC’s Pier Sixty.
Why Midterms Matter: O’Leary thinks that Tuesday will lead to a major shift in policy, and he's most excited about what is occurring in the Senate as he thinks it will flip to a Republican majority, which will lead to “what we desperately need in this country, total gridlock.”
O’Leary wants to see “no more bills, no more spending, no more taxes and no more anything for the next two years,” which will give the U.S. economy a chance to breathe and rise from the ashes of “horrific policy mistakes.”
As the Federal Reserve printed $6.7 trillion dollars in the past two years, inflation has run rampant. O’Leary says that no further printing will allow “small business and the American entrepreneur to take back the economy and make things blossom again.”
O’Leary says the country has had too much government and spending, which is why shutting down Washington at midnight on Tuesday is “fantastic.”
Meanwhile, Bryant thinks the U.S. economy received $2 trillion more than it needed, but added that “there was no pandemic manual” and we are now dealing with an overheated economy that needs to be fixed.
He added that we cannot take a break for a couple of years and then come back and expect things to be better.
Photo: Courtesy of shutterstock.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.