Kevin O'Leary shuts down Biden's economic claims: 'Taxing corporations does not solve inflation'

So this morning, millions of Americans are still struggling, struggling with inflation as President Biden tries to convince them inflation is Trump's fault. The combination when I was left with the corporate greed is the reason why we're in this problem right now. In addition to that, we're in a situation where if you had take a look at all that was done in his administration, he didn't do much at all. By the time he left, there's things were in chaos, literally chaos. And so we put things back together. So he say he eventually, we just can't wait this long. He eventually says it's Trump's fault because he left me a mess. He caused inflation here to react. A guy that knows Shark Tank, Shark Tank superstar and investor of O'Leary Ventures. He's the chair. Kevin O'Leary. Kevin, your thought about President Biden's take on inflation that went from 1.4 to as high as 9%. Well, the reason we have inflation is we printed too much money. And it probably what took it over the top was two extra acts. One was the Inflation Reduction Act, which actually was very inflationary. And then of course, chips and science was more so we, we probably spent about a trillion and a half dollars more than we needed to. But who knew going into a pandemic. I mean, most governments around the world printed money. We just printed too much. Now the, the solution to inflation, that's very difficult. You've got to start a, a program, you stop printing money, but it won't be taxing corporations. Taxing corporations does not solve for inflation. See, people think First off on, on what you were talking about with inflation. There was two acts. It was the Inflation Reduction Act and the rescue package, which we didn't need. And then on top of that was the CHIPS Act. So it was so much spending that led to the 9% inflation, which they told us was transitory. How you pull Trump into that, I thought was a huge leap. But let me ask you in the in the big picture, you're asking the American people now to look around and try to get the real estate, excuse me, try to get the interest rates down and spending under control. Can you do that without sacrifice? There's going to have to be some sacrifice to the next president, whoever that may be, is going to have to deal with some behemoth issues because the national debt is too high. The good news is, given the size of the American economy and its resources, there's examples around the world where you can actually take definitive action and solve the debt problem. And I'll give you an example. I've mentioned it before. ANWR is the one of the largest pools of of energy on Earth, hasn't been touched. It's sitting in the ground in Alaska. The Norwegians did this decades ago. They Simply put a royalty on it, went directly to paying down national debt. We could do the same thing here, 3 to 7% on Anwar and start pumping that and selling it to Asia and we might be able to take a big piece out of the national debt from that. And this would be a bipartisan decision because it does solve for a multi trillion dollar problem. And then of course Social Security, that is a behemoth and you can't escape that. We'll have to go to a means test eventually. It's not going to be popular, but if you're wealthy, why are you getting a check from the government? Is the question people are going to ask going forward. Is that enough to solve it though? Not necessarily, but it's you have to solve this problem incrementally. National debt in a multi trillion dollar economy can be solved. I'm an optimist about this economy. I really am. I think it just takes good policy decisions. We haven't had those lately. And I'm not blaming one candidate or another, but the new president, whoever that may be, is going to have to say, all right, here's my plan to pay down national debt. I gave you one way to do it. There's others, but it isn't taxation necessarily because when you tax or raise capital gains tax, you shrink the economy. You really need to grow your way out of this problem. You have to make the American economy even grow faster. That's how you solve for national debt. Kevin O'Leary, thanks so much. We talked a lot about the economy yesterday and we've it's good to have a Fact Check this morning. Thank you, Kevin. Take care.