Asked about an on-air rant regarding government cuts years ago, the comedian admitted to Metro that he had "lost the plot" during the broadcast.
"I'd watched the news about these cuts and seen all the Tories laughing about it in parliament," O'Grady said.
"I loathe George Osborne. It was a live programme and I thought, 'This is the time to say what I think about this bunch'.
"When they started taxing pasties and static caravans I went ballistic. It's lunacy. I didn't have to apologise, ITV was fabulous. It likes controversy."
He added: "I'll be happy when they're out. I'd like to see a good socialist government with a backbone.
"I was mad on MP Barbara Castle. I met her in Blackpool, she was very inspiring. Now we've got a bunch of wets
"And as for Boris [Johnson] - you don't want a clown running the circus, you want a ringmaster. He's got good patter but it's like a comedy act."