Investor Kevin O'Leary has urged President Donald Trump to focus on preserving the American dream rather than focusing on specific industries, saying capitalism -- despite its flaws -- remains the system that works best for everyone.
';The Less Government We Have, The Better': O'Leary
In a video shared on social media Friday, O'Leary was asked what advice he would give the president regarding trade and tariffs.
He said every U.S. president should remember that their role is not to choose economic winners but to maintain the nation's entrepreneurial spirit.
"Their primary mandate is not to pick sectors in the economy," O'Leary said. "The American economy is the most successful economy on Earth and has been for 200 years. We know what we're doing. The less government we have, the better."
He added that the U.S. remains the world's top destination for entrepreneurship.
"Our number one export is not energy and it's not technology -- it's the American dream," O'Leary said.
"We’re the only economy on earth where everybody everywhere wants to come here and start a business everywhere. They risk their lives to do it."
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Anything That Hurts The American Dream Is Bad Policy, Says Mr Wonderful
O'Leary said that the president's chief responsibility is to protect the system that makes the U.S. economy thrive.
"The number one job of any administration [is to] maintain the American dream [and] keep capitalism alive because it works and provides for everybody," he said. "Even though it's volatile and has problems, where else would you rather be?"
He added that while bad policies can harm the economy temporarily, "anything that hurts the American dream or messes with capitalism is bad."
Economic Pessimism Rises Despite Strong Data
O'Leary's remarks come at a time of rising public skepticism about the ability of Americans to move up the social or economic ladder.
Last month, a Wall Street Journal-NORC poll found that only 31% of Americans still believe in the American dream -- the lowest in nearly four decades.
Despite historically low unemployment and easing inflation, many Americans say they feel financially insecure, reflecting what economists call a widening gap between strong economic indicators and public sentiment.
Meanwhile, the Federal Reserve’s latest Beige Book indicates that tariffs imposed under the Trump administration are driving up business costs, with more companies now passing those expenses on to consumers.
The report describes an economy that has "changed little" overall, and one analyst noted that the broader risk of a recession remains low.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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