Kevin O'Leary says investors 'shocked' by Harris' economic proposals: 'Bidenomics 2.0'
O'Leary Ventures Chairman Kevin O'Leary on Vice President Kamala Harris' plan to implement price controls if elected and warnings against former President Trump's push for tariffs.
Investors are "shocked" by Vice President Kamala Harris' rehash of President Biden's economic agenda, "Shark Tank's" Kevin O'Leary told Gxstocks on Monday.
The O'Leary Ventures Chairman, also known as "Mr. Wonderful," spoke with Stuart Varney ahead of the Democratic National Convention, sharing that he's none too happy with the Democratic nominee's proposed plan to implement price controls if elected.
"I've spoken with dozens of investors, and we're quite shocked just from the 30,000 feet. We thought Harris was going to reboot her whole position to the middle. The idea was to get the swing voters on board with her with a middle strategy. Instead, we're getting Bidenomics 2.0, which is a shock," he said.
O'Leary Ventures Chairman Kevin O'Leary is the latest to criticize Kamala Harris' proposed price control plan. (Ting Shen/Bloomberg via Getty Images / Getty Images)
"In addition to Bidenomics 2.0, if you look through the rally proposals, it's basically the same stuff they've been touting for the last 36 months. You've got this price control, price fixing, patina on top of it, which we know doesn't work."
Last Wednesday, Harris announced her intention to institute a "federal ban on price gouging on food and groceries" as president in an attempt to stop "big corporations" from taking advantage of consumers, a proposal that quickly became steeped in controversy with even mainstream media outlets questioning the logic.
US Vice President and Democratic presidential candidate Kamala Harris speaks during a stop on her campaign bus tour in Rochester, Pennsylvania, on August 18, 2024. (ANGELA WEISS/AFP via Getty Images)
The liberal-leaning Washington Post editorial board even wrote last Friday, "Whether the Harris proposal wins over voters remains to be seen, but if sound economic analysis still matters, it won’t."
The proposal also earned criticism from financial gurus like Dave Ramsey, who recently said on the Fox News Channel's "The Ingraham Angle" that it's "not sustainable."
TRUMP ACCUSES HARRIS OF 'SOVIET STYLE' POLICIES FOLLOWING PRICE CONTROL PROPOSAL
Kamala Harris' price control plan will stifle growth: Jon Taffer
'Bar Rescue' host Jon Taffer reacts to Kamala Harris' plan to lower food costs on 'Cavuto: Coast to Coast.'
"If you go back to the ‘70s, when we tried this in the U.S., it was a disaster. Look at Venezuela today or North Korea, or the old USSR [which] tried this. It leads to black markets. It leads to a complete loss of freedom of goods and a breakdown of distribution," O’Leary continued.
"This is a really, really, bad idea, and I'm so shocked that she's doing it. We're all shocked. We can't believe this is the platform. We're almost stunned because this leads to a position of just saying, 'Well, you're getting the same thing you had, and Bidenomics as a brand is toxic waste to the swing voter. It's associated with inflation. All of these ideas are very inflationary."
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Kamala Harris' price control plan would 'devastate' the farm economy: Starlyn Perdue
Iowa farmers Starlyn Perdue and Randy Dreher explain how Kamala Harris' plan to fix food costs would affect cattle farmers on 'The Big Money Show.'
Fox News' Gabriel Hays contributed to this report.
