WATCH: 'Shark Tank' Billionaire Kevin O'Leary SLAMS Bidenomics -'We're Starving Small Businesses In America'

On Wednesday, 'Shar Tank' investor Kevin O'Leary joined Fox News to discuss the economic fallout of President Biden's policies that have been deemed to be 'Bidenomics' by the administration.

When discussing the Inflation Reduction Act, O'Leary said, "Here's the problem, most of it is going to the S&P 500 companies. They're big employers in America though they only represent 40 percent of the economy. What we haven't seen is the unintended consequences that we are now seeing."

"We're starving small business in America. We throw billions to Intel and nothing to a guy in Champagne," the billionaire said. "His cost of capital because of these rapid rate hikes has gone through the moon. It went from maybe six to seven percent now to 20 percent. He can't raise any capital because the regional banks have stopped lending to him as they wait to see what the new liquidity rules are."

O'Leary then explained that he went to Capitol Hill earlier in the week to raise awareness for this issue and call on Congress to take action in order to assist small businesses. "It’s all about small business!" he wrote on Twitter alongside a post of him meeting with Sen. Chuck Grassley (R-IA).

"I've got 34 plus companies. They can't raise a dime. There's no Bidenomics for them," he explained. "They have no capital and that's a big problem and it's manifesting itself. Those are the people looking for cheaper toothpaste. And all the issues that are going around inflation. Core inflation is not down. CPI yes, but core inflation. The real inflation that hurts a small individual that's trying to live off of $58,000, they are getting killed."

"We have to save small businesses right now. We have to do everything in our power to make sure that they get access to capital. This is a problem that is only six to eight weeks old. You talk to anybody running a small business between five and 500 employees, they cannot raise any money," he explained. "They cannot raise any money and that's because Biden is focused on the big guys."

O'Leary joined 'The Big Money Show' on Tuesday to further discuss the effect of Bidenomics with the chairman of O'Leary Ventures explaining, "I live in the real world. I'm here on the Hill today in Washington talking to everybody I can about the problems I've got in just getting working capital for small businesses. We have a crisis emerging."

"These rapid rate hikes that have occurred, unprecedented speed of these hikes, have put my small businesses, and I'm talking about companies with 5 to 500 employees, which represent over 60% of our economy," O'Leary said. "If you're in the S&P 500, you have no trouble financing your business. You can't say that about small business anymore. The cost of capital has gone through the roof." 

As Biden continues to attempt to run on his Bidenomics, the everyday small business owner is suffering. It is clear that the Democrat Party would rather see big business thrive thanks to their passage of the Inflation Reduction Act rather than see small business owners get by.

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