'It Is Becoming Increasingly Harder To Live In America' — Kevin O'Leary Says Cost Of Living Is A Problem Going Into Presidental Elections

In a recent discourse on the economic challenges facing Americans, Kevin O’Leary, a renowned investor known as “Mr. Wonderful” from “Shark Tank,” took to social media to amplify his concerns. 

“It is becoming increasingly harder to live in America if you're only making the average salary," He posted. "The cost of living is NOT as affordable as it was 3 years ago. This is causing problems as we go into presidential elections.” 

Complementing his poignant social media message, O’Leary shared a video from his interview on NewsNation’s “Dan Abrams Live,” where he delves deeper into the issues highlighted in his post. 

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In the video, O’Leary discusses the contrast between optimistic economic indicators and the day-to-day financial struggles of average Americans. He pointed to inflation’s substantial outpacing of wage growth, emphasizing the hardship faced by people earning the average salary in the face of rising costs for essentials such as food, gasoline and housing. He remarked, “It's hard to live in America when the average salary is $62,000, and core inflation and all the things you need to live are still up over 30%.”

O’Leary also touched on the challenges in the real estate market, highlighting how the housing sector has become a critical aspect of the cost of living crisis. He stressed the difficulties Americans face in affording homes, exacerbated by rising mortgage rates and housing prices, which further complicate living affordability.

The investor highlighted the impact of legislative actions such as the Jumpstart Our Business Startups (JOBS) Act and the Inflation Act, which he argued contributed to inflationary pressures by injecting “free helicopter money” into the economy. 

“Inflation has gone up way higher than wage growth,” O'Leary said, underscoring the increasing difficulty of sustaining an affordable lifestyle in the current economic climate.

Amid these challenges, O’Leary offered advice to aspiring entrepreneurs, suggesting a path to economic freedom through entrepreneurship. He advised gaining experience by working for others before starting a business.

“Get a job for 24 months working for somebody else before you launch your own career," he said. "Learn what it takes to be an employee before you're a boss. This is the secret sauce.”

O’Leary’s comments resonate with the sentiments expressed in a recent Pew Research Center survey, where only a quarter of Americans viewed the economy positively. This discrepancy between economic statistics and individual experiences underscores the nuanced reality of the American economic landscape, where headline figures may need to fully capture the challenges facing the populace.

As the country approaches presidential elections, the economic issues O'Leary highlighted, such as the affordability of living and the impact of inflation, are poised to play a significant role in the political discourse. The investor’s perspective provides a critical lens through which to examine Americans’ economic challenges, emphasizing the need for policies that address the real-world impacts of inflation and wage stagnation.

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