Mark Cuban Blames Trump for High Inflation but Offers These Tips To Deal With It
An unfortunate economic reality during the COVID-19 pandemic was dizzyingly high inflation, which increased the price of everything from a cup of coffee to your monthly rent and car payments. The blame for this, according to billionaire and businessman Mark Cuban, falls upon President Donald Trump.
"I'll tell you exactly when the very first kernel of inflation was set," Cuban told Ultimate Fighting Championship CEO (and Trump voter) Dana White during a NewsNation debate in October 2024, "and that was in April of 2020."
Cuban opined that "right at the early days of the pandemic," Trump protected "his oil company cronies" rather than lowering gas prices. Cuban went on to assert that White and Americans could blame Biden's administration for inflation if they wish, "but it started with Donald Trump."
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Of note, inflation was extraordinarily low in 2020 at about 1.4%, before skyrocketing in 2021 to 7%, followed by a 40-year high in 2022 of 9%. It eased back to 2.4% during the final year of the Biden administration in 2024.
More recently, though, Cuban made the case that inflation has already been "fixed."
Per MoneyWise, during an episode of the podcast Flagrant, Cuban argued that inflation was already fixed after Flagrant host Andrew Schultz asked, "How do we fix inflation?"
Cuban explained that inflation has already leveled off to a rather healthy number -- right now, the rate rests at 2.7% -- and that this is significantly lower than the 9% of summer 2022. From that vantage, high inflation has indeed been "fixed." The problem, however, lies with the fact that "prices that are already up are already up."
This means that the damage has been done in terms of inflation increasing prices -- inflation slowing to a healthier rate doesn't impact the already high prices that all of America is dealing with. To deal with that, Cuban offered three suggestions.
Employers Must Raise Wages
"Are you giving those raises? If you were making $1,000 a week and your grocery bill went from $500 to $600, that's pain. If you're making $1,000 a week, and it goes to $1,200 and your grocery bill goes from $500 to $600 a month, you're good," Cuban stated.
Invest In Real Estate
Inflation drives rental prices up -- while that may be tough on the renter, it does provide landlords with an increased revenue that, by its very nature, adjusts and increases with inflation.
Invest In Gold
Gold is a limited asset, without a value tied directly to any specific economy or currency. When inflation chips away at the power of paper currency, gold remains stable.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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