Published Aug 16, 2024 at 6:59 PM EDTUpdated Aug 17, 2024 at 2:36 PM EDT

FWIW. Mark Cuban is a billionaire, and as Tengrain says, billionaires are indicative of the flaws in the US taxation system. However, Cuban doesn’t seem to have devoted himself entirely to the dark side, as many billionaires do, and this story is fairly positive about the Harris-Walz campaign.

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Billionaire and Shark Tank star Mark Cuban promoted Vice President Kamala Harris‘ economic policies in a flurry of social media posts Friday afternoon.

Harris introduced several proposals aimed at bringing down the cost of groceries, the housing market and other essential goods during a rally in North Carolina on Friday. The Democratic nominee’s plan includes tax cuts, a federal ban on price gouging by food producers and offering down payment assistance for first-time homebuyers who qualify. As the Associated Press (AP) reported, the policies are largely built off the Biden administration’s priorities.

“As president, I will take on the high costs that matter most to most Americans, like the cost of food,” Harris told supporters Friday. “We all know that prices went up during the pandemic when the supply chains shut down and failed. But our supply chains have improved and prices are still too high.”

Cuban, a frequent critic of former President Donald Trump, shared his two cents on Harris’ proposals to X, formerly Twitter, including addressing criticism that the vice president has received for promising to go after price gouging as a way to tackle inflation. Trump has called the plans similar to “Maduro-esque price controls,” comparing the plan to the Venezuelan leader’s policies that crippled the country’s economy.

Bloomberg columnist Matthew Yglesias wrote to X on Friday, “I’m pretty sure Harris did not in fact propose price controls on groceries—just kind of vaguely said that antitrust enforcement is good (it is good).”

Cuban responded to Yglesias’ post, “This is a fact.”

“Did you also notice that she said that the 25k credit only applies to NEW homes? Did I hear that right?” he wrote in a separate response to Yglesias.

Cuban posted another statement a few minutes later praising Harris’ plans to bring down health care and drug costs, writing, “And my favorite of course, did anyone else hear @VP say she was going to bring TRANSPARENCY to pharmacy and healthcare middlemen? The root cause of almost all that is wrong with healthcare pricing?”

According to AP’s report, Harris’ price gouging attacks include instructing the Federal Trade Commission to penalize any “big corporations” that engage in price spikes. But economists previously told Newsweek that the plan could backfire, and likely does not address the root problems of inflation.

“The idea of a political solution to an economic non-problem is flawed,” said Scott Lincicome, vice president of general economics and trade at the libertarian Cato Institute in Washington, D.C., during an interview with Newsweek. “There’s very little evidence that corporate greed or price gouging is responsible for high grocery or housing prices.”

“Preventing price increases sounds good, but what do investors and farmers do when they can’t guarantee a return on investment or cover their costs?” Lincicome added. “They cut back on investment, leading to reduced supply and even higher prices or outright shortages.” (Note from Ali: translated, this means if we the customers deprive the owners/shareholders of their massive profits which actually are not their investments but the prices we pay, they might scoop up their marbles and go home. I’m not scared.)

Harris also attacked Trump’s economic proposals during her rally on Friday, including critiquing the GOP candidate’s calls for increased tariffs on imports.

The vice president said that Trump “wants to impose what is, in effect, a national sales tax on everyday products and basic necessities that we import from other countries.”

“It will mean higher prices on just about every one of your daily needs,” Harris added, per AP’s report. “A Trump tax on gas, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter medication.”

Cuban also praised Harris as a “pro-business candidate” during his string of posts to X.

Newsweek reached out to Harris’ campaign via email for comment on Friday evening.

https://www.newsweek.com/mark-cuban-posts-flurry-responses-kamala-harris-economic-plan-1940604