You feeling confident about the economy right now?
Of course it’s an election season so naturally the economy is on everybody’s minds (it’s the one time every four years when politicians actually pretend to care), but outside of the Washington DC bubble, if I had to guess, I’d say most people aren’t feeling great about the way our economy is headed.
Inflation has far outpaced wages in recent years, which means that average Americans are feeling the squeeze everywhere from the grocery store to the gas pump to the drive thru line. And buying a house right now? Yeah, most people can just forget about that.
Well, unless you’re a billionaire.
Mark Cuban, the owner of the Dallas Mavericks and billionaire investor on Shark Tank, has a different spin on the current state of the economy.
Cuban shared a chart (from December) on Twitter this week showing the rise of “retail investors” in the stock market over the last four years – basically, non-professional investors throwing money into the stock market.
And to the billionaire, this is a sign of “wide spread confidence” in the US economy.
Now, I’m not sure the average American would agree with that. In fact I’m pretty sure they would strongly disagree. But according to Cuban, the problem isn’t the economy: It’s the fact that the White House and President Joe Biden’s administration can’t “market itself worth a damn.”
“No the economy’s great, politicians just aren’t good at telling people how great it is.”
That’s…quite the take.
A sign of wide spread confidence in the economy.
If only this administration could market itself worth a damn https://t.co/4LxiScqmBa
— Mark Cuban (@mcuban) May 13, 2024
Well unsurprisingly John Rich, country star and one half of Big & Rich, has a different opinion than Cuban.
The outspoken conservative took to Twitter to call out Cuban for his tone-deaf tweet:
“Mark Cuban hasn’t bought his own groceries or pumped his own gas in decades. Only people that out of touch make statements like this.”
. @mcuban hasn't bought his own groceries or pumped his own gas in decades. Only people that out of touch make statements like this. https://t.co/1Dw7D9s3qr
— John Rich🇺🇸 (@johnrich) May 14, 2024
Now of course John Rich isn’t hurting for money either, but if I had to guess, he’s nowhere near Mark Cuban’s level. Those “Save A Horse, Ride A Cowboy” royalty checks aren’t THAT big.
And in this one, even on Cuban’s original tweet, it seems like people were on Rich’s side.
We have multiple generations that can’t own a home or afford to eat. But yea Wall Street is doing great… for now.
— JJ Truth (@1Romans58) May 14, 2024
Counterpoint: $1 Trillion in consumer credit card debt.
So, the economy is good for you guys, but not the common folk.
— SteveInTennessee (@stephen_deakins) May 14, 2024
Tell me you don’t have to worry about buying groceries, filling up your car with gas, affording a new house, or rising rent payments without telling me.
— Vince Langman (@LangmanVince) May 13, 2024
A billionaire has confidence in this market, because he doesn’t have to worry about basic necessities that normal people have to worry about.
You don’t live on the same planet as the rest of us Mark.
— RareImagery 🇺🇸 (@RareImagery) May 13, 2024
Yeah, sorry Mark, but on this take, I’ve got to say, I’m out.
