(NewsNation) — Despite rosy economic indicators, a disconnect persists between economic statistics and the lived experiences of many Americans. Recent data from a Pew survey shows that only a quarter of Americans perceive the economy as good, with a significant portion rating it as fair or poor.
In a recent interview on NewsNation’s “Dan Abrams Live,” “Shark Tank” investor Kevin O’Leary, popularly known as “Mr. Wonderful,” echoed the survey’s observations, underscoring the disparity between macroeconomic trends and everyday realities. O’Leary pointed out that while headline numbers such as stock market performance and job growth appear positive, they fail to capture the challenges faced by ordinary citizens.
“Inflation has gone up way higher than than wage growth,” O’Leary explained. “It’s hard to live in America when the average salary is $62,000, and core inflation and all the things you need to live are still up over 30%.”
O’Leary emphasized that the essence of the economy lies in individuals’ purchasing power and quality of life, rather than abstract metrics.
He pointed out that while measures such as the Jobs Act and the Inflation Act inject money into the economy, they essentially amount to “free helicopter money,” totaling around two and a half trillion dollars. O’Leary suggested that this influx of cash contributed to inflationary pressures.
Additionally, he noted that certain essential goods and services, such as food, gasoline and housing, have seen significant price increases since before the pandemic. The rising costs of essentials have contributed to the overall inflationary environment, according to O’Leary’s analysis.
Abrams, seeking advice from O’Leary for his young son, asked about the aspirations of future entrepreneurs.
O’Leary encouraged aspiring business owners to gain experience by working for others before venturing into entrepreneurship.
“Get a job for 24 months working for somebody else before you launch your own career. Learn what it takes to be an employee, before you’re a boss. This is the secret sauce,” O’Leary remarked.
“Start a company, be an entrepreneur. It’s an amazing journey, not a destination, but it’s the only way you can set yourself free in America,” O’Leary said, underscoring the importance of small businesses in driving the economy.
