Kevin O’Leary slams Kamala Harris’ economic plans as ‘inflationary and unfeasible’ – Times of India

Kevin O’Leary, known from “Shark Tank,” criticised Kamala Harris‘s economic plans during a CNN interview, particularly her proposals to address the high cost of living. O’Leary argued that Harris’s plan to implement a federal ban on grocery price gouging would mimic failed policies from socialist states.
He also dismissed her housing initiatives, aimed at increasing affordable housing and assisting first-time homebuyers, as inflationary and impractical.

‘Kamalanomics’ under scrutiny

During a rally in North Carolina, Vice President and presidential candidate Kamala Harris announced her economic platform, which includes expanding child tax credits and increasing funding for affordable housing. She also proposed penalising large corporations for price spikes on essential goods.
“They tried that in Venezuela, Cuba, North Korea, the USSR,” O’Leary remarked regarding Harris’s price gouging proposal. “No, that’s not going to work.”
The Wall Street Journal editorial board shared similar views, describing Harris’s plan as “Venezuelan-style left-wing populism,” arguing that price controls have historically failed globally.

Criticism of Harris’s housing initiatives

In addition to grocery price controls, O’Leary criticised Harris’s housing platform, which aims to build 3 million new homes and provide £20,000 grants for first-time homebuyers.
“When you give £20,000 to anyone in a constrained market, you cause inflation,” O’Leary commented. “If there are three houses for sale and everyone gets an extra £20,000, the prices will rise because there’s no supply.”
Harris’s plan also includes legislation to limit investors from buying homes in bulk to flip at higher prices.