Billionaire investor Leon Cooperman is warning of a potential crisis on the horizon as lawmakers fail to put a stop to the country’s increasing debt.
Leon Cooperman, chairman and CEO of Omega Family Office, sounded the alarm about the “very serious issues” plaguing the U.S. as the country’s “enormous” debt buildup continues to go unchecked.
“I think we’re heading to a potential financial crisis as a result of the enormous buildup of debt in this country. And neither candidate is addressing that,” he stressed during an appearance on “The Claman Countdown” on Tuesday.
Cooperman went on to mention that both former President Trump and Vice President Kamala Harris are “running ahead of each other,” trying to “increase expenditures.”
“Neither one of them are focused on reducing our debt level or reducing the level of the deficit,” he explained.
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Cooperman argued that the country’s out of control spending could be attributed to its lack of leadership.
“We have a system of government that is evolved. It’s called leadership at a crisis. You know, I had tears flowing down my cheeks recently when I saw the Reagan movie. You know, basically, we just don’t have any leadership in the country today,” he stressed.
“We don’t have principled people in charge. And that’s my view. And I could be dead wrong.”
He explained that the deficit is “not a timing device,” however, the debt keeps expanding by $2 trillion a year.
“Ultimately, we’re going to have a crisis over it where the debt doesn’t matter,” Cooperman warned.
Despite neither candidate putting forth plans to combat the country’s debt crisis, the investor praised former President Trump’s economic ideas, arguing that his plans are “far superior” to Harris’.
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“I suspect that Donald Trump would be better for my pocketbook. No question about it,” Cooperman said.
While that may be the case for the Omega Family Office chairman, Cooperman said that he cannot look past the former president’s deportment.
“I’m more aligned [with] the Republican platform, but not the candidate,” he expressed.
Cooperman explained that despite being a centrist in nature, he is “more Republican” in his thinking.
The billionaire investor said he does not intend to vote for Trump or Harris in the upcoming 2024 presidential election.
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