Kevin O’Leary, renowned for his role on “Shark Tank,” provided insights into the growing trend of Americans managing multiple jobs during his October segment on "Kudlow." His observations become particularly relevant against the backdrop of new federal data, which highlights an increase in Americans balancing two or more jobs.
This development is largely seen as a response to the economic pressures exerted by inflation, illustrating how people are adapting to the changing financial landscape. O’Leary’s commentary offers a unique perspective on the challenges and adaptations in the American workforce amid these economic shifts.
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Recent reports from the U.S. Department of Labor show that nearly 8.4 million people held multiple jobs in October, the highest level since the pandemic’s start and representing 5.2% of the workforce. This trend is particularly pronounced among women, with 5.9% working multiple jobs compared to 4.7% of men.
Analyzing these trends, O'Leary said, “What we’re seeing in the data I speculate is you have more than one job. So that data is supported as well. So you’re not coming in, you’re holding a full-time [job], have a side hustle, maybe two side hustles and it’s a new economy.”
He emphasized the shifts in the post-pandemic economy, highlighting the impact on commercial real estate and small businesses.
“Zero for small business, which represents 60% of the economy. The stress is showing up there,” O’Leary said.
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Discussing the broader economic scenario, O’Leary criticized recent federal expenditures, stating, “The reason there’s basically a put in the market is we’ve not spent the trillion on the Chips and Science Act yet, free money for S&P 500 companies and the IRA Act, Inflation Reduction Act. Free, free, free, free, free money for S&P 500 companies and $2 trillion, count it, $2 trillion not yet spent, nothing for the small guy.”
O’Leary also addressed the challenges in the commercial real estate sector, expressing concern over the financial health of regional banks. “I am worried, Larry. I’m not the only person worried. You talk to any private equity firm that finances real estate, particularly commercial real estate and office towers across America. The loan books on regional banks, the 4,100 of them have as much as 40% of buildings and many are underwater.”
The data and O’Leary’s observations suggest that the economic recovery post-pandemic is complex and uneven, with significant challenges facing small businesses and individuals in the workforce. However, this environment also creates unique opportunities for entrepreneurship and startup investment.
As traditional job structures evolve, there is growing potential for innovative business models and startups that cater to the changing needs of the economy. Investing in these startups could be a strategic move to not only bolster the economy but also to foster a new wave of entrepreneurship that adapts to and thrives in the current economic landscape.
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