‘Rip-Roaring Economy’: Shark Tank’s Kevin O’Leary Gushes About Latest Numbers Despite Inflation on CNN

Entrepreneur and Shark Tank star Kevin O’Leary deemed the economy a major victory for President Joe Biden at the moment, despite continuing concerns about inflation.

O’Leary appeared on CNN This Morning with Don Lemon and Kaitlan Collins on Wednesday to discuss retail sales increasing last month and the fact that it was the biggest jump in nearly two years.  According to Commerce Department data, retail purchases jumped by three percent in January, while vehicle sales increased by nearly six percent. The year-to-year increase in retail sales also save a six percent bump.

O’Learly called the numbers “absolutely stunning” and “almost unprecedented,” primarily because inflation remains a concern for many consumers.

“Something is really interesting here. We have full employment — it’s been decades to have unemployment this low, remarkable,” he said. “We’re raising rates on the consumer, core inflation and food is really high and yet somehow because everybody’s got a job, you get a print like that. This is a rip roaring economy. If I was President Biden, I’d take advantage of what’s happening here. These are big numbers. These are good numbers.”

O’Leary recommended more specific core inflation be tracked by the Federal Reserve, prioritizing energy and food costs and excluding the housing market, which has data that can lag and affect numbers and rate hikes.

The current debate for business owners, he added, is how long strong spending numbers will last as they are continuously told current inflation rates will slow down spending, something that didn’t happen in the latest retail sales report.

“Everybody’s feeling pretty good if retail numbers are up six percent. Now how long can this last is what every small business in America is asking themselves,” O’Leary said.

Watch above via CNN.