Mark Cuban, the billionaire investor, and TV personality, has come out in support of President Joe Biden’s economic policies. He also criticized former President Donald Trump for squandering the strong economy he inherited from Barack Obama.
What Happened: Speaking on the social platform X, Cuban pointed out 12 consecutive months of positive real wage growth in the U.S. He argued that Trump failed to maintain the wage growth trends he inherited from Obama.
Despite a user’s claim that Cuban was overlooking the absence of negative wage growth under Trump, Cuban highlighted 25 months of negative real wage growth under Biden before the current positive trend. “Imagine looking at this graphic and not realizing that your guy underperformed the Obama economy he inherited and gave away all the wage growth trends in place when he took office.”
The user argued that Cuban was ignoring the absence of any negative wage growth under Trump. "You can't brag about Biden's ';wage growth' because the line is positive and then ignore the lack of negative wage growth in the Trump administration."
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Cuban in response defended Obama and Biden, stating that they inherited and reversed economic crises, while Trump oversaw diminishing wage growth.
Why It Matters: Cuban’s comments come as Biden faces criticism for the economy, with a majority of Americans believing the U.S. is in a recession.
At the same time, inflation, which peaked at a 40-year high of 9.1 percent in 2021 and 2022, has significantly eased. The labor market has also remained robust, with unemployment staying below 4 percent for the longest period in 50 years.
A recent poll revealed a surprising preference for one candidate over the other when it comes to the economy. The poll showed that 52% of respondents believed that Biden would be better for the economy, compared to 48% who favored Trump.
However, the economy has been a contentious issue, with rising inflation and the cost of living becoming a significant concern for many Americans. U.S. Treasury Secretary Janet Yellen also addressed the growing concern over rising living costs. Yellen noted that despite recent wage growth, prices for housing and everyday goods remain high.
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Photo courtesy: Wikimedia
