Mark Cuban says there is one thing that he wishes Americans understood better about the economy in an election year

Mark Cuban says there is one thing that he wishes Americans understood better about the economy in an election year
Pls share this post


Listen to this article
Mark Cuban has been touted as a future presidential candidate.
Mark Cuban has been touted as a future presidential candidate.

  • Mark Cuban is worried that Americans will put too much emphasis on the economy when voting this fall.
  • He argued that presidents have little impact on the economy.
  • Polls show Americans still consider the economy a top issue for the election.

Billionaire entrepreneur Mark Cuban is not running for president this year, but he is worried that Americans will put too much emphasis on the economy when choosing between President Joe Biden and former President Donald Trump.

When asked what he wished more people understood about the economy, especially during an election year, he wrote in an email, “how little impact any president has.”

READ ALSO  A Texas man is running for president after changing his name to 'Literally Anybody Else'

“It’s the 330 million of us that move the economy, not one person,” he wrote.

The president’s influence on the economy is often overstated

Americans view the economy’s health as one of the major issues the president and Congress should tackle this year.

In a poll of 5,140 American adults conducted in January by the Pew Research Center, 73% of those who completed the survey said “strengthening the economy” is the top priority for the president and Congress in 2024, the highest amount for any response in the poll.

Joe Biden
President Joe Biden

Experts rarely mention presidential policy when looking at the issues that most impact the economy moving forward. Rather, the factors that have the biggest impact are interest rates, jobs, and consumer spending.

READ ALSO  What Donald Trump might do if he wins a second term in 2024

Interest rates are influenced by the Federal Reserve Bank, and while rates are still higher than the Fed’s target, the decision on when to cut rates will be strongly influenced by the job market and consumer spending, both of which remain strong.

Ultimately, the Fed must walk that fine line between consumers spending too little, which hurts businesses, and spending too much, which can cause inflation. Spending and hiring are factors that the American people control rather than the president.

To be sure, there are ways that government policy can impact the issues that affect interest rates. For example, tariffs can affect the success of businesses, which in turn impacts hiring and can also influence how much money is being spent by Americans if prices on goods change.

READ ALSO  Dwayne Johnson says he will not endorse any presidential candidate this election as backing Biden in 2020 created 'division'
Donald Trump
Former President Donald Trump

The economy is still chugging along, but many Americans still don’t feel great about it because interest rates and prices are still high. But that shouldn’t influence their voting decisions this fall.

Read the original article on Business Insider

Source



Pls share this post
Previous articleThe ‘disconnected youth’ movement is growing as more Gen Zers struggle to find purpose at school and work
Next articleCostco is selling up to $200 million of gold bars and silver coins every month, but probably not making much profit, retail analyst says