By Mary Jones and Tony Bruce | Tuesday, October 15, 2024 | 5 min read
As the 2024 presidential election approaches, Donald Trump’s latest business venture is raising eyebrows and stirring debate. The former president recently launched a new cryptocurrency company, weeks before the election. The venture has been criticized for its peculiar organizational structure, with Trump’s teenage son, Barron, holding the title of “Visionary” within the company. The involvement of his adult sons, Don Jr. and Eric, as employees adds to the controversy surrounding the move.
According to a recent report by The New York Times, the company’s long-term vision includes an ambitious plan to use the cryptocurrency platform to restructure the U.S. national debt. This proposal, combined with Trump’s rhetoric and his history of unconventional business ideas, has drawn skepticism from experts. The announcement has fueled discussions about whether this approach signals savvy business acumen or simply reflects the chaotic and unpredictable nature of Trump’s business history.
Some voters are framing their decision for the upcoming election as a “business decision.” Many Trump supporters advocate for less government interference and a more business-friendly environment. Yet, concerns are mounting over the implications of Trump’s recent statements and actions regarding the private sector. His rhetoric suggests a willingness to wield government power against companies and media outlets that he perceives as adversaries.
For instance, Trump recently threatened to use the government to punish media companies like ABC, CBS, and The New York Times for unfavorable coverage. In one instance, he even proposed taking punitive action against a company solely because one of its employees criticized him. These threats have raised questions about his commitment to protecting free-market principles and limiting government overreach.
Trump’s running mate has echoed a similarly combative stance toward big business, advocating for using government power to inflict “economic pain” on corporations that oppose certain political positions. This philosophy represents a departure from traditional conservative views on small government and laissez-faire economics.
The position taken by Trump and his allies suggests a readiness to target companies like Google and Apple if they are perceived as being on the “wrong side” of cultural issues. The tactic, they argue, is necessary to fight back against “woke” corporate America. However, for business-minded voters who prioritize a stable economic environment, this approach raises concerns about the potential for increased government intervention in the private sector.
Adding to the controversy is the latest proposal from Trump’s political circle to “abandon the dollar” and end what has been described as the “Dollar Empire.” This idea, reportedly backed by Steve Bannon, represents a radical departure from the norm and has implications for the global economic system. While Bannon is promoting it as a move to shake up the financial establishment, critics see it as a dangerous gamble that could destabilize markets and harm the U.S. economy.
In evaluating Trump’s economic track record, his supporters often point to strong growth during his first three years in office. However, the onset of the COVID-19 pandemic in his final year saw a significant economic downturn, leading some to dismiss 2020 as an outlier. Even when excluding the pandemic year, data shows that economic growth during the first three years of the Biden-Harris administration has surpassed that of Trump’s first three years.
Under Biden and Harris, job growth has reached historic levels, with unemployment hitting record lows. The U.S. economy has shown remarkable resilience, with the stock market reaching all-time highs. Reports indicate that wages are rising, inflation is stabilizing, and middle-class wealth has surged to unprecedented levels. Publications like The New York Times and The Washington Post have noted that the job market is the healthiest it has been in decades, with the largest share of adults aged 25 to 54 working in over 20 years.
Amid this economic backdrop, entrepreneur and billionaire Mark Cuban has thrown his support behind Vice President Kamala Harris in her bid for the presidency. Cuban, who initially expressed optimism when Trump entered politics in 2015, quickly became a vocal critic as the businessman’s political conduct deviated from Cuban’s expectations of responsible leadership. Now, Cuban has openly endorsed Harris, praising her economic vision and leadership.
Cuban’s support for Harris is significant, given his reputation as a self-made billionaire and advocate for free enterprise. His endorsement suggests confidence in the Biden-Harris administration’s economic management and the belief that Harris could continue driving economic growth as president. Cuban argues that the current economic trajectory is promising, with metrics like job creation and wage growth favoring the administration.
Despite widespread evidence of economic improvement, the political press has been hesitant to acknowledge the Biden-Harris administration’s achievements. Coverage often frames the strong economy as an anomaly rather than a credit to the administration’s policies. However, as Mark Cuban points out, the positive economic indicators cannot be ignored.
The endorsement of Harris by a high-profile business figure like Cuban may bolster her appeal among voters who prioritize economic issues. With the stock market thriving, unemployment remaining low, and Americans experiencing wage growth, the administration has a strong case for continuing its economic policies.
As voters consider their choices for the 2024 election, framing the decision as a “business decision” may be tempting for some. However, the contrasting economic philosophies between the candidates raise questions about the implications of their policies. Trump’s plans for a second term, including radical proposals like restructuring national debt with cryptocurrency and moving away from the dollar, could signify a disruptive approach that may not appeal to all.
On the other hand, the economic gains under the current administration, backed by prominent figures like Mark Cuban, present a compelling argument for maintaining the course. Ultimately, voters will have to weigh the risks and rewards of each candidate’s vision for the country’s future.
As the campaign unfolds, economic issues will undoubtedly remain at the forefront, shaping the debate over who is best equipped to lead the nation into a prosperous future.
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