Kevin O’Leary told CNBC on Thursday that he does not believe Democratic presidential nominee Joe Biden would impair the stock market if the former vice president were to defeat President Donald Trump in November.
O’Leary suggested that addressing the economic damage created by the coronavirus pandemic will have to be front and center should Biden get elected, therefore inhibiting action on legislation that may otherwise be Democratic priorities.
“All of these ‘wonderful ideas’ about green this and green that, none of that’s going to be implemented nor are corporate tax hikes because he’s got to keep people employed,” O’Leary said.
However, last month, the Biden campaign released its own $2 trillion infrastructure and renewable energy plan.
O’Leary’s comments come as the Democratic National Convention enters its fourth and final day. Biden will officially accept the party’s presidential nomination Thursday night. The Republican Party holds its convention next week, where Trump will accept the GOP nomination.
Longtime Democratic donor Marc Lasry told CNBC on Wednesday he thinks Wall Street has not yet begun to worry about the November general election. But he believes the stock market would be troubled by a Biden victory, accompanied by Democrats regaining control of both chambers of Congress.
“You know that if the Democrats sweep, you’re going to have more regulation. You’re going to have higher taxes. I just don’t see that as being a positive for the market,” the billionaire investor said on “Fast Money: Halftime Report.”
O’Leary said Thursday that overhauling U.S. infrastructure should be an area of focus no matter who wins the White House, particularly getting “better internet to the rural regions of America.” He argued the digital acceleration that’s occurred during the pandemic has crystallized the need for improvement.
Describing himself as an “unabashed capitalist,” O’Leary repeated his calls for the government to stop funding “walking dead” businesses in another round of coronavirus relief legislation. He contends there has been a permanent transition in the economy, and he does not want taxpayer money going to businesses that are unable to adapt. “Let our market do its thing,” he added. “I do not want another [Paycheck Protection Program]. That is completely unnecessary and inefficient.”
However, he also said, “I would like to support the employees that are being dislocated during this transitional period.”
Disclosure: CNBC owns the exclusive off-network cable rights to ″Shark Tank,” on which Kevin O’Leary is a co-host.