EXCLUSIVEIn the Democrat race to replace Biden, Shark Tank's KEVIN O'LEARY warns: One high-tax, hard-left, job-killing lunatic would make Joe seem economically literate... and turn America into Venezuela!
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The new 2024 race is on.
And time is of the essence.
Democrats have less than two months to address the catastrophic fallout from President Joe Biden's breathtakingly feeble debate performance before the party officially names its nominee at its summer convention.
The consensus among political punditry seems to be that Democrats must choose between two corrective courses of action.
Option One: Keep Biden on the ticket and - at the very least – replace Vice President Kamala Harris as his running mate.
Biden's disaster appearance last week dramatically raised concerns, most critically among undecided independent voters, that if he is re-elected then he may not be capable of serving another four years in office. And a vast majority of Americans are not comfortable with Harris being a heartbeat away from the Resolute desk.
She routinely polls as the most unpopular vice president in history.
If Biden hangs on as the nominee and Democrats hope to stand a chance, Harris cannot stay on the ticket.
Democrats have less than two months to address the catastrophic fallout from President Joe Biden 's breathtakingly feeble debate performance.
Biden's disaster appearance last week dramatically raised concerns, most critically among undecided independent voters, that if he is re-elected then he may not be capable of serving another four years in office.
Option two, of course: Replace Joe.
But this scenario begs the question: with who?
Here I must present what I believe to be the consensus opinion of the investor community.
It would be an outright disaster for the party to parachute in California Governor Gavin Newsom as the Democratic standard-bearer.
His far-left fantasies have turned the Golden State into a Venezuelan-style dumpster fire.
Under Newsom's administration, San Francisco has become a warzone and Los Angeles a wasteland.
Rampant crime, violence and unchecked public drug use in the streets have driven residents and businesses away in their droves.
California has the highest homeless population per capita in the country.
It also has one of the highest unemployment rates and has been bleeding tech jobs which were once a key source of growth.
Newsom's disastrous $20-an-hour minimum fast food wage law – passed earlier this year – made decades-old businesses unprofitable overnight.
A reported 10,000 people in California's fast-food industry have lost their jobs in just a few months.
If Biden hangs on as the nominee and Democrats hope to stand a chance, Kamala Harris cannot stay on the ticket. She routinely polls as the most unpopular vice president in history.
It would be an outright disaster for the party to parachute in California Governor Gavin Newsom as the Democratic standard-bearer.
The Governor has also done very little to tackle housing unaffordability in his state, where the median sale price for a home has surpassed the staggering benchmark of $900,000 for the first time.
No wonder Newsom's $24 billion plan to address a homelessness crisis has failed miserably; even working people are being forced to flee because they simply cannot afford to pay rent.
It's bad enough that Biden has ridiculously advocated for jacking up corporate and individual tax rates to 'solve' the problem of America's spiraling $34 trillion national debt. (As I've explained before, taxing growth will only drive away the investment we sorely need.)
But imagine if Newsom were in charge.
California's budget deficit is now $45 billion – yet the state has some of the highest taxes in the nation.
Want to know what happens when politicians become convinced that they can tax their way of out debt?
Look no further than Canada.
Just last week, progressive Prime Minister Justin Trudeau's government imposed a suicidal increase in the capital gains tax - a levy on profits made from the sale of investments, such as stocks.
As a result, investors – myself included – took their money and ran.
Capital has no ideology, cause or nationality. It goes where it is most welcomed. And it's leaving Canada.
All Canadians are hurt by these tax hikes, because fewer investments mean fewer jobs, less innovation and a smaller overall tax base.
Progressive Prime Minister Justin Trudeau's government imposed a suicidal increase in the capital gains tax last week.
This damage will be felt for decades.
This could happen here in America if an ideologue and proven failure like Gavin Newsom ends up in the White House.
Ours is an entrepreneurial economy. We reward those who take risks to build successful businesses and create hundreds, thousands, or even millions of jobs.
We cannot let America become a place that punishes entrepreneurs for their successes.
If Democrats are serious about winning a national election, they must listen.
Business leaders are among the most open-minded voters. My friends and colleagues are Republicans, Democrats and independents alike.
Job creation and a strong, stable economy is a bi-partisan goal.
If Democrats lose sight of that, it doesn't matter who they choose to run, they will lose the business community.
