President Joe Biden’s $1.9 trillion COVID-19 relief plan is making its way through Congress, and businessman Kevin O’Leary is asking, “Who pays for it?”
O’Leary, who was nicknamed “Mr. Wonderful” on “Shark Tank,” appeared on CNBC’s “Squawk Box” Tuesday where he spoke about the stimulus bill.
“Where this bill fails is it does not recognize that a new economy is emerging,” he said. “It’s trying to build back what we had in 2019 and early 2020.”
He added that “so much has changed” since.
After giving credit to Biden on COVID-19 vaccinations, O’Leary later said that the COVID relief plan “misses the mark in so many ways.”
He added, “So much waste,” noting elements of the bill include $300 million to COVID animal surveillance and $128 billion to the teachers union.
“There’s waste, waste, waste. And who pays for it?” O’Leary said. “The future. It’s just terrible to waste this money.”
Watch the video below:
"It does not recognize that a new economy is emerging. It's trying to build back what we had in 2019 and early 2020," says @kevinolearytv on the $1.9T stimulus bill. "There's waste, waste, waste. And who pays for it? The future." pic.twitter.com/HQ7sCR1pbX
— Squawk Box (@SquawkCNBC) March 9, 2021
Additionally, O’Leary said on CNBC he does not believe people who are working should receive the stimulus checks. Rather, as he put it, those who are unemployed should receive more money.
“There’s so much non-COVID-related stimulus in this. It’s a horrible, horrible piece of legislation,” he added. “I think every American should read it. It’s just full of waste.”
See his comments below:
"It's a horrible, horrible piece of legislation. I think every American should read it. It's just full of waste," says @kevinolearytv on the $1.9T stimulus bill heading to the House this week. pic.twitter.com/XauVygH0ue
— Squawk Box (@SquawkCNBC) March 9, 2021
In Biden’s relief plan, there is $400 billion for a new round of direct payments to Americans for $1,400 each, $350 billion in aid for state and local governments, $56 billion for childcare, $170 billion for schools, $163 billion for unemployment insurance, and $48 billion for small business aid, among other elements.
The bill was passed by the Senate, and the House of Representatives is expected to take it up by Wednesday. It would then go to Biden’s desk to be signed into law.