Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, recently fired shots at Donald Trump, accusing the former president of “going full Communist.” Cuban’s tweet came after Trump proposed capping credit card interest rates at 10%. While it might sound like a way to help struggling Americans, Cuban and many others see it as another misguided policy that shows Trump’s lack of understanding about how the economy works.
Here’s what Cuban tweeted:
“The Republican Nominee has gone full Communist and proposed price controls on credit card rates. He obviously doesn’t realize that the credit card companies will just jack up their fees and/or cancel the cards of those with lower FICO scores.”
The Republican Nominee has gone full Communist and proposed price controls on credit card rates.
He obviously doesn’t realize that the credit card companies will just jack up their fees and/or cancel the cards of those with lower FICO scores.
“While working Americans catch…
— Mark Cuban (@mcuban) September 20, 2024
Cuban added that Trump’s idea would backfire, hurting the very people he claims to want to help. At a rally on Long Island, New York, Trump announced: “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates. We’re going to cap it at around 10 percent. We can’t let them make 25 percent and 30 percent.”
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While this might seem like a good plan at first glance, it’s actually a classic Trump move—making big promises without thinking through the consequences. Price controls, like those Trump suggests, often lead to unintended outcomes. Credit card companies aren’t going to just sit back and lose money. As Cuban pointed out, they’ll either raise their fees in other ways or deny cards to people with low credit scores. This would actually harm those who need credit the most.
This isn’t the first time Trump has proposed policies that don’t add up. Let’s not forget his tariffs. In 2018, Trump imposed tariffs on imported goods from China, thinking it would boost American businesses. Instead, these tariffs raised prices for everyday Americans, hurting consumers and many U.S. industries. Even Trump’s own advisers warned him about the risks, but as always, he thought he knew best.
One Twitter user, @DenisonBarbs, echoed this sentiment:
“This idea is as stupid as Trump’s tariff idea. Donald Trump will literally say anything at this point to get elected.”
Another, @BDNTWLGIO, added:
“Everything that Donald proposes is something to do with debt, borrowing, interest rates. It’s almost as if he’s been in crippling debt his whole life and wants to scam his way out of it.”
This idea is as stupid as Trump’s Tariff idea. Donald Trump will literally say anything at this point to get elected.
— Denison Barb (@DenisonBarbs) September 20, 2024
Everything that Donald proposes is something to do with debt, borrowing, interest rates. It’s almost as if he’s been in crippling debt his whole life and wants to scam his way out of it
— TrumpWillLookGreatinOrange #resist🇺🇸🦅 #FBR (@BDNTWLGIO) September 20, 2024
Trump’s approach to economic policy has always been reckless. When he was president, he famously slashed taxes for the rich, blowing up the federal deficit. Between 2017 and 2019, the U.S. national debt grew by over $2 trillion. And now, Trump wants to impose credit card price controls that could further damage the economy.
Trump has long claimed to be a champion of free markets and capitalism, but his actions often tell a different story. By trying to control prices, Trump is going against one of the core principles of capitalism: competition. In a truly free market, prices are supposed to be determined by supply and demand, not the government.
Mark Cuban wasn’t the only one to call Trump out. One user, @IslandG41370138, said:
“That’s too difficult for Trump to process. He spent 4 years in the Oval Office and learned nothing. He is an empty vessel.”
That’s too difficult for Trump to process. He spent 4 years in the Oval Office and learned nothing. He is an empty vessel.
— IslandGirl☮ (@IslandG41370138) September 20, 2024
It’s ironic that Trump, the man who constantly accuses Democrats of being “socialists” or “communists,” is now suggesting policies that resemble the very ideologies he claims to oppose. Price controls and giving out “free money” sound a lot like what Trump accuses his opponents of doing.
The real issue here is that Trump is desperate to regain power. He knows that his economic track record isn’t great, so now he’s making wild promises, hoping to win over voters. But the truth is, these promises are empty. They don’t hold up under scrutiny, and they won’t help working Americans in the long run.
Featured image via Screengrab