President Biden, amidst his reelection campaign, has embraced the label "Bidenomics" to highlight his economic strategy, yet detractors continue to debate the real implications of Biden's fiscal plans.
Even though the U.S. economy has experienced a reprieve from unprecedented inflation rates, a prominent figure from "Shark Tank" cautions that there's an impending "crisis" looming for American small businesses.
"I live in the real world," O'Leary Ventures chairman Kevin O'Leary said. "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."
During his appearance on "The Big Money Show" on Tuesday, O'Leary expressed that small businesses would face growing challenges in funding their operations.
"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."
The National Federation of Independent Business (NFIB) released their Small Business Optimism Index on Tuesday, revealing a 1.6-point increase to 91 points, as reported by Reuters. This marks the highest level of confidence in seven months, according to the June report.
Despite these figures indicating a positive sentiment among small businesses, O'Leary expressed skepticism, challenging the idea that the situation is entirely favorable.
"I'm in the real world talking to CEOs of small companies that are family owned in America in almost every state, every day. They're not happy either. So I'm not listening to that data. I'm dealing with reality," he said.
The Federal Reserve is eagerly anticipating the forthcoming June report, seeking proof that inflation is beginning to recede, as they attempt to stabilize the overheated economy with a string of assertive interest rate hikes.
Following ten consecutive rate increases over 15 months, the Fed paused its tightening strategy in June. This period of monetary policy adjustments raised the benchmark federal funds rate from near-zero levels to the highest point since 2007. In the subsequent weeks, the Federal Reserve has hinted at possible further rate hikes, given indications that inflation is still above their comfort level.
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