Business

Billionaire: Biden inherits US economy ‘in the late stage of an epic bubble’

President Joe Biden will oversee an economy that is “in the late stage of an epic bubble,” billionaire real estate developer Jeff Greene told “The Claman Countdown” Wednesday.

Greene argued that the economy’s growth had been “fueled by extreme overvaluations, explosive price increases, absolutely frenzied issuance with these SPACs and IPOs and hysterical price speculation.

“This bubble is at some point going to pop.”

When that happens, Greene added, Biden will have to hurry along the road to recovery.

“It’s going to be a very tough balancing act between the right amounts of federal fiscal stimulus [and] targeted fiscal stimulus,” he said. “But at some point, we have to keep this on track.”

The billionaire said he doesn’t believe the economy will be able to continue its “explosive” recovery from the coronavirus pandemic while the Federal Reserve simultaneously keeps interest rates at 0%.

“It’s important that President Biden and his team keep an eye on the road ahead and be ready to make changes as needed,” he said.

A progressive Democrat, Greene explained that former President Donald Trump failed to support the working class by increasing wages and establishing income equality – a task he said Biden is sure to carry out.

“Of course we have to have a $15 national minimum wage. Nobody … should go to work and earn less than that,” he said. “I think that President Biden will, with his team, address this inequality situation really once and for all … It’s the elephant in the room.”