Mark Cuban on the Presidential Election and the Economy

• Mark Cuban fears Americans will place too much emphasis on the economy when voting this fall.
• He argued that presidents have little impact on the economy.
• Polls show that Americans still view the economy as one of the top election issues.

Billionaire entrepreneur Mark Cuban isn’t running for president this year, but he worries Americans are placing too much emphasis on the economy when choosing between President Joe Biden and former President Donald Trump.

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

“It’s the 330 million of us who keep the economy going, not just one person,” he wrote.

The president’s influence on the economy is often overestimated

Americans view the health of the economy as one of the top issues the president and Congress should address this year.

In a January survey of 5,140 U.S. adults by the Pew Research Center, 73% of those responding to the survey said “strengthening the economy” was the top priority for the president and Congress in 2024, is the highest number. for any response to the survey.

Experts rarely mention presidential politics when considering the issues that will have the most impact on the future of the economy. Instead, the factors that have the biggest impact are interest rates, employment and consumer spending.

Interest rates are influenced by the Federal Reserve Bank, and while rates remain above the Fed’s target, the decision to cut rates will be heavily influenced by the labor market and consumer spending, which both remain solid.

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

Certainly, government policy can have an impact on issues that affect interest rates. For example, tariffs can affect business success, which in turn impacts hiring and can also influence the amount of money Americans spend if product prices change.

The economy continues to grow, but many Americans still don’t feel good about it because interest rates and prices are still high. But that shouldn’t influence their voting decisions this fall.