Investor Kevin O’Leary has raised concerns about former President Donald Trump’s early campaign efforts as he promotes his economic record ahead of the 2026 midterm elections. In a recent appearance on CNN, O’Leary emphasized that he does not endorse political candidates but instead advocates for effective policies. He stated, “I don’t shill for politicians, but I shill for policy,” underscoring his focus on tangible policy outcomes.
O’Leary pointed out that while inflation has significantly declined from its peak, many voters still feel the pinch in their daily expenditures. He highlighted ongoing challenges with food prices and essential services, suggesting that efforts to convince the public of a fully stabilized economic environment are premature. “Declaring victory too early,” he noted, could mirror mistakes made by the current administration under Joe Biden, which has faced difficulties aligning economic data with public sentiment.
Key Economic Concerns: Tariffs and Housing Costs
A critical aspect of O’Leary’s analysis pertains to the impact of tariffs on inflation. He identified duties on materials such as potash, bauxite, and softwood lumber as significant, arguing that these policies increase costs for farmers, manufacturers, and builders. This, in turn, leads to higher prices for consumers. He emphasized that housing costs remain a pressing issue, particularly due to ongoing tariffs affecting the construction industry.
Despite the current strength of U.S. markets, with equities remaining near record levels, O’Leary cautioned that investor confidence does not necessarily reflect voter sentiment. He noted that upcoming policy adjustments and potential changes within Trump’s Cabinet could significantly influence the political landscape as Republicans aim to maintain their narrow control of Congress.
Challenges for Republicans as Elections Approach
The upcoming midterm elections pose a challenge for Republicans, especially as Trump’s core issues, such as the economy, crime, and immigration, appear to be losing traction. Recent electoral outcomes, including a Democratic victory in Miami—the first in three decades—and a flipped special election in a historically Republican district in Georgia, indicate a potential shift in voter priorities.
Polls reflect this uncertainty, with only 31% of U.S. adults approving of Trump’s handling of the economy, a decrease from 40% in March, according to a survey conducted by the Associated Press-NORC Center for Public Affairs Research. Similar declines have been observed regarding public approval of Trump’s approaches to crime and immigration.
As the 2026 elections draw closer, O’Leary’s insights reflect a broader apprehension among investors and voters alike regarding the effectiveness of current economic messaging and the ongoing challenges that could impact the political landscape.
