Investor Kevin O’Leary discusses the attainability of owning a home and lingering inflation on ‘Sunday Night in America.’ #foxnews #fox #sundaynightinamerica
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Welcome back to Sunday night in America The dream of owning a home may not be Dead but you might drop dead when you See the price of a new house especially For young people starting out it's dying Because people aren't interested in America dream anymore it's too expensive We've got ours but our our kids and our Grandkids can't afford homes a car cost What my parents bought a house for what We wanted When We Were Young it's not Something really our kids can afford So the question is why is it a lack of Inventory or has inflation hit the Housing market more dramatically than Other Sectors by the way how can both sides Really run on the economy this November Republicans s inflation Democrats say The stock market hit record highs so Who's right and the Trump tax cuts are Set to expire the top marginal rates Around 37% but that does not include State local or sales taxes God ask for 10% how much is enough for Government here to make sense of this is Famed investor and O Ventures chairman Mr Kevin o welcome sir thank you for Joining us let's start with housing what Do you think is driving up the cost of Buying a home and if you can scrape Together the money or get a loan is real Estate in your judgment still a good Investment well real estate's always
Been a good investment for 200 years I Mean that's proven out over history but What's changed the cost of housing is The rapid increase two years ago in Interest rates and the anticipation was That rates would come down in fact only 12 months ago we were thinking seven Rate cuts of which none have appeared Because inflation remains rampant we're Still north of 3% so housing is adjusted Based on very simple equation to Interest rates and they're high or Higher than they were so mortgages are That's 7 8 9% depending on your economic Status and that's a lot more than 32% 4 Years ago so that's why housing costs Have basically gone up 30 40% and it's Really hard to see that change I'm not Sure that's going to change at all and Then we had this weird outcome of the Pandemic where people started moving Away from metropolitan areas into areas You know more where they wanted to live And get better schools and everything Else and the prices of those houses in Rural regions went way through the roof It's a new America it's a digitized America and housing is more Expensive all right let me speaking of America we got we have an election Coming up I guess early voting starts Pretty soon it is rare to see both Parties running on the same issue but Democrats site jobs numbers and the
Market hitting 40,000 and Republicans Sight inflation and just general sense That all is not well and the market may Be on a sugar high so I mean which side Has the more compelling argument when it Comes to the Economy well it doesn't matter who you Are or what party you're associated with When you're the incumbent and you're Dealing with inflation because inflation Is a very simple equation there's three Aspects to inflation that really hurt You at the voting poll and here's what It is it's energy on Transportation so That's oil and gas it's housing which we Just talked about and then it's food now It's protein chicken fish steak those Are the ones that have not gone down in Value since the pandemic they they're up 30 38% and you're seeing it really Change the lives of fast food Restaurants and everything else those Three attributes are not good for the Incumbent they never are inflation's Never good and having them being Repaired over the next 4 and a half Months I don't think so so we've got you Know Sort of north of 3% when the FED says it Has to be two that's their mandate but It's really sticky in food prices and That's where people go into the grocery Store every two days and say wow this Piece of chicken is worth 40% more than
It was 36 months ago that hurts at the Pole all right if a if a future President were to call you and say look Kevin we cannot ever tax our way out of This deficit there has to be a reduction In spending but neither side wants to Talk about that well what is the right Kind of mix of of more Revenue versus Spending cuts or should we just abandon This notion of a balanced budget is is Is that just kind of a Fool's goal to Have that we're going to have a balanced Budget in mining your Lifetime that's a great question here's The answer 1974 197 5 I'm going to give You an example of two countries that Solved this problem Canada was one and Norway was the other and they did Different path they both had massive Energy reserves and there's a reserve in America in Alaska called anoir it's one Of the largest reserves of oil on Earth Untapped unused and so what the Canadians did is they put a royalty on It same time as the Norwegians did but The Norwegians put into their law that All the royalties they charge a royalty Per bar every dollar of that had to be Spent reducing deficit the Canadians Didn't do that they let the government Spend it any way they wanted to and of Course governments waste money and they Just squandered their wealth but if you Look today at what Canada has versus
Norway Canada is one of the highest in Debt per capita Nations on Earth but Norway they're winners and War for America is what's going to solve this Problem Mr Kevin o taking us the econ Class I wish I'd had you in college I Probably would have a little better Portfolio than what I have right now so Thank you for joining us on the Sunday Night hey Sean Hannity here hey click Here to subscribe to Fox News YouTube Page and catch our hottest interviews And most compelling analysis you will Not get it anywhere else
