. Those measures have fueled investment in large firms in the benchmark stock index, O'Leary said – but they largely ignore investment in small businesses, he said, which support around 60% of jobs in the US.
"There's no Bidenomics for them. I can't find a single program out of all of those billions of dollars that have been printed, much of it not spent yet, that was initiated from Bidenomics," O'Leary said. The one exception to that is the Employee Retention Credit, he said, a tax credit for small businesses affected by COVID-19. But that benefit is set to expire, as businesses won't be able to retroactively file taxes for 2021 after 2025.
Small businesses have struggled amid tighter financial conditions this year, stemming from both the Federal Reserve's interest rate hikes as well as the fallout from the collapse of several banks earlier this year, which had the effect of limiting credit availability. "If you're doing 50 million in sales to Walmart and you need a 5 million dollar credit line, good luck. There's no Bidenomics for you," O'Leary said."I"m just waving a flag saying, hey everybody, I am small business, and I'm telling you, you've got to start focusing on the 60% of the economy where everybody else lives. It's just great to take care of the big guys, but the small guys are suffering," O'Leary added.