Kevin O’Leary, known for his straightforward views on business and investing, recently weighed in on the Democratic Party's trajectory during an appearance on Fox News. And his take might surprise you – he thinks losing the upcoming election could be the best thing that happens to the Democrats.
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O’Leary compared the current situation to a Super Bowl game, calling the presidential race “the Super Bowl of global politics.” He criticized the Democrats for “anointing” a candidate instead of allowing a proper process. “You don't bring a quarterback in that's never, ever, ever won any game anywhere,” he said, pointing out that President Biden, their “quarterback,” is currently struggling. Yet, the party didn't run a proper selection process for an alternative.
In his view, a loss would force the Democrats to “reset and reboot and get that party back to the center.” He argued that influential figures like Chuck Schumer, Nancy Pelosi and even Barack Obama won't be able to exert the same level of control four years from now, which could be a positive shift for the party and the country.
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O’Leary also touched on some policy issues that he feels are misaligned with the American dream, particularly those concerning economic freedom. As an investor, he said he has to work with whoever is in the White House, but he can’t ignore policies that harm the core of what makes America unique. “All I do is work with entrepreneurs that want to build businesses,” he said, calling out two major policies: taxing unrealized capital gains and implementing price controls.
“That’s not America,” O’Leary declared. He clarified that taxing unrealized capital gains – requiring individuals to pay taxes on investments that haven’t even been sold – violates core American principles.
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He also criticized the idea of a higher corporate tax rate, which he believes would make the U.S. less competitive globally. “An 18% tax rate takes us to the bottom quartile of competition – that’s bad.” He believes measures like these deter innovation and investment, which are critical to economic expansion.
Despite his strong words, O’Leary made it clear that he respects Vice President Kamala Harris for her efforts in reaching where she is today. He thinks a defeat could give the party a much-needed chance to reconsider its course and return to emphasizing policies promoting development and opportunity.
“This could be great for America,” O’Leary said, stressing that a more centrist, pragmatic Democratic Party would benefit the entire country.
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