Shark Tank star and entrepreneur Kevin O’Leary ripped into Biden and Democrats for pretending to be confused about inflation. The US has hit a 40-year-high with inflation and Democrats claimed it was going to be short-lived. While speaking to journalist Daniela Cambone, O’Leary bluntly explained why Americans are experiencing the highest inflation in generations.
Democrats want you to believe that inflation was caused by anything BUT their insane spending but the US dollar is primarily being watered down by the sudden flood of newly printed money.
“The printing presses have gone insane,” O’Leary said. “That’s why we have inflation in the first place.”
By printing presses, O’Leary is talking about the Federal Reserve. The central bank has been expanding the supply of money for decades, and the clip has picked up in recent years. Nothing, however, has compared to the monetary expansion that occurred during the pandemic, something Fed Chairman Jerome Powell recently admitted in a 60 Minutes interview with Scott Pelley.
The mystery of Inflation.
"You flooded the system with money."
"Yes, we did." pic.twitter.com/2ClRf97fg7
— Jon Miltimore (@miltimore79) January 17, 2022
“You flooded the system with money,” the CBS journalist said.
“Yes, we did,” Powell responded.
This is what O’Leary is getting at. “Flooding the system with money” is what drove inflation to historic highs, and the result was always an obvious one.
“For all the talk of inflation, you print $6.72 trillion in thirty months, what the hell did you think was going to happen?” O’Leary says. “Of course there’s going to be inflation.”
O’Leary’s figures are not wrong. Federal Reserve data show that in August 2019 there was $14.9 trillion total in circulation. By January 2022, there was $21.6 trillion.
In other words, more than 30 percent of dollars in circulation in January 2022 had been created in the previous 30 months.
It’s mindblowing how Democrats have blamed inflation on everything—It’s been COVID, Ukraine, Putin, and even consumers for inflation but the experts say inflation is only ever caused by one thing: Printing too much money.
Progressive politicians like Robert Reich and Sen. Elizabeth Warren tweet incessantly that “corporate greed” is to blame, an idea even Democratic economists have summarily dismissed. President Joe Biden, meanwhile, has blamed Vladmir Putin. Republicans, on the other hand, have consistently made the case that Joe Biden is the inflation culprit.