Mr. Wonderful Debunks Entire Media Narrative; 'There Is NO Recession Coming In America'
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President Donald Trump's economy is doing better than ever, but that is not stopping the main stream media along with prominent Democrats from warning that America is "headed towards a recession."
Last week, the media warned that the economy is headed towards a recession, however professionals like Kevin O'Leary, better known as 'Mr. Wonderful' on Shark Tank, are saying that there is nothing to worry about.
“There is no recession coming in America,” O’Leary sand to CNBC on Wednesday.
O’Leary continued by pointed to the rising cash flows along with consumer spending in the United States, arguing that this is evidence that the booming economy is here to stay.
“Domestic companies are on fire,” he noted. Just last month, O'Leary admitted that he had “never seen a stronger economy in my life.”
Check out what CNBC reported in relation to O'Leary's comments:
The economy was strong in 2018 under President Donald Trump. But this year, it appears to be slowing and perhaps reverting to the slow-but-steady-growth pattern seen under former President Barack Obama.
O’Leary’s comments Wednesday come at a time when recession fears are looming and U.S.-China trade tensions are persisting.
According to the CME FedWatch tool, there’s a 98.1% chance of another Federal Reserve rate cut next month. In July, central bankers reduced rates for the first time in more than a decade to a target range of 2% to 2.25%.
President Trump took to Twitter on Monday to urge the Fed to cut rates "over a fairly short period of time."
"Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to “will” the Economy to be bad for purposes of the 2020 Election." he slammed. "Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world."
"The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well," he continued. "If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!
O'Leary commented on the statement made by President Trump, saying that he doesn't think a rate cut is needed, however he does understand the reasoning behind the President's pressure.
“At the very least, he’s keeping the Fed on their back heels here,” O’Leary commented. ”[Trump’s] constant bashing is actually changing policy there.”
What are your thoughts? Let us know in the comments below!