Shark Tank’s Kevin O’Leary has claimed that all Democrats owe Donald Trump a “thank you” for “saving” aspects of the American economic model.
speaking in fox news During Tuesday night’s election coverage, the investor said Trump “saved entrepreneurship” and foreign investment in the United States.
After being asked what US markets would do following a Trump victory, O’Leary said: “What happened here is the system self-corrected.” “When you try to break the American model, it fixes itself.”
He added: “It saved entrepreneurship, it saved the whole S&P 500 model because taxing (companies at a higher rate) was a very bad idea and it was self-correcting.”
The Democratic Party had proposed increasing the corporate tax rate to 28 percent, from its current 21 percent, while Trump proposed reducing it to 15 percent.
It comes as economists across the political spectrum have warned that Trump’s economic proposals will trigger a new surge in inflation.
Speaking on Fox News during Tuesday night’s election coverage, the investor claimed that Trump “saved entrepreneurship” and foreign investment in the United States.
Celebrating Trump’s victory, O’Leary said: “I think people should give credit within the Democratic Party.
“Donald Trump also saved them tonight because they’re going to have to take a spatula to these policies and put them back in the center for the next four years.”and somehow restore it.’
The investor stated that he could now travel abroad to Geneva, Abu Dhabi and Riyadh, and they say the United States has 21 percent corporate taxes and that’s not going to change under a Trump presidency.
“That’s very important for people like me who bring capital to this country,” he said.
And he added: “It fixed itself.” I think that’s why America works. It has operated for 200 years. When it gets too crazy, it takes care of itself.
‘Whether you love Trump or hate him, every Democrat owes him a ‘thank you very much, Mr. President.'”
Stocks rose on Wednesday following the announcement that Trump would win a second term in the White House.
The S&P 500, Dow Jones Industrial Average and Nasdaq Composite hit all-time highs on Wednesday, as investor uncertainty surrounding the election eased.
The cryptocurrency Bitcoin also hit an all-time high and other so-called ‘Trump trade’ stocks, including Trump Media, rose on Wednesday morning.
Tesla, whose CEO Elon Musk is a strong Trump supporter, rose 13 percent in morning trading, increasing Musk’s wealth by about $15 billion.
Shares also rose in banks, private prisons and weapons manufacturers, which are likely to benefit from a Republican presidency.
But economists have warned that Trump’s economic proposals could reignite inflation.
The stock market soared Wednesday morning following Trump’s victory, with major benchmark indices hitting record highs.
“Whether you love Trump or hate him, every Democrat owes him a ‘thank you very much, Mr. President,'” O’Leary said.
His ideas include imposing sweeping tariffs on imports, deporting low-wage immigrant workers, and pressuring the Federal Reserve to lower interest rates.
“Putting them all together, these levers are moving more in an inflationary direction,” said Brian Riedl, a former Senate Republican aide. The Wall Street Journal last month.
“I am legitimately concerned that inflation will worsen in 2025.”
A study by the independent Peterson Institute for International Economics said deporting immigrants would reduce economic output and increase the rate of inflation.
With fewer workers available, Companies would have to raise wages, raise prices, or accept lower profits.
An independent study by economists at the University of Colorado found that for every million unauthorized workers expelled from the United States, 88,000 American workers lost their jobs during the Bush and Obama administrations.
Supporters of Trump’s immigration proposals say the economy will improve if Americans can earn more doing jobs currently done by foreign workers.
But research found that immigrant workers in industries such as hospitality and agriculture often do not compete with native workers.
That means if they are kicked out of the country, companies will likely reduce production rather than hire more American workers.
“If you do the things you say you’re going to do, directly, you’re going to hit the U.S. economy with a negative supply shock,” Adam Posen, president of the Peterson Institute, told The Wall Street Journal.
“Prices will rise and the economy’s ability to supply goods and services will decline,” he said.