Kevin O'Leary Slams Kamala Harris's Plan To Combat Price Gouging: 'First They Tried That In Venezuela, Cuba, North Korea, The USSR'

“Shark Tank” fame investor Kevin O’Leary has voiced his concerns over Vice President Kamala Harris’s proposed economic plan, describing some aspects of it as a “really bad idea.”

What Happened: Harris presented her economic blueprint at a recent North Carolina rally. The strategy includes various economic policies, such as tax credits for children and homeowners, and a federal prohibition on grocery price gouging, reported The Hill.

On CNN, O’Leary criticized the price-gouging proposal. The Shark said, “First, they tried that in Venezuela, Cuba, North Korea, the USSR. No, that's not going to work.” He questioned the practicality of corporations setting prices based on gouging and expressed worry about Harris’s limited interaction with the media.

The investor also disagreed with Harris’s initiative to help first-time homebuyers with $25,000 in down-payment aid and a tax credit. He contended that such a step would trigger inflation in an already tight market.

O’Leary also expressed doubt about Harris’s plan to build 3 million new housing units over the next four years, arguing that housing is governed at the state level, not by federal mandate.

O’Leary’s critique joins a chorus of criticisms of Harris’s economic agenda, including those from Trump’s campaign and The Washington Post Editorial Board, who called the plan a “populist gimmick”.

See Also: Donald Trump Asks: ‘Why Are We Having An Election?’

Why It Matters: Recently, Harris proposed a federal ban on corporate price-gouging in the food and grocery sectors as part of her economic policy platform. This proposal, announced ahead of a campaign rally in North Carolina, aimed to increase scrutiny of mergers in the food industry to protect consumers from rising grocery prices.

The plan, aligning with the Biden administration’s focus on consumer protections, also included measures to reduce costs in the meat industry, prescription drugs, and housing. Harris’s proposal followed her earlier efforts to cap unfair rent increases and combat corporate landlords.

O’Leary’s criticism of Harris’s economic plan is not an isolated incident. For instance, billionaire entrepreneur and O’Leary’s fellow Shark Tank host, Mark Cuban criticized former President Donald Trump’s plan to combat inflation.

A survey conducted by The Wall Street Journal indicated that most economists believed a potential win for Trump in the upcoming presidential election could result in a surge in inflation, deficits, and interest rates.

Did You Know?

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal