Billionaire Mark Cuban on Saturday revealed who he believes will be hit the hardest if the economy takes a turn for the worse due to Donald Trump's trade policies.
Trump's on-and-off-again tariffs have created uncertainty in the market, and some experts have warned that a recession could be coming next.
Cuban took to social media over the weekend to predict what that might look like.
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"Recessions don’t hit all parts of the country equally. IMO, small cities, towns and states will get hit the worst," Cuban wrote. "And it won’t be pretty."
He continued, saying, "They are more dependent on federal spending, so they will feel the brunt of federal spending cuts and job reductions disproportionately."
"They can be catastrophic to a town. Because they are smaller, and more expensive to reach, they are more susceptible to the impact of tariffs and will be the first to see their product shipments cut when there are shortages, and their prices will go up more as a result," Cuban added. "They will see fabrics of their communities cut. The local museum. The local health clinic. And so much more cut."
In conclusion, the billionaire wrote, "The stories of the economy won’t be told here. They won’t be told in GDP numbers. They will play out in the small town newspapers (that are left ) across the country."
A user named Brandon Brooks replied to Cuban, saying, "Like you I’m a Pittsburgh guy, you’re right to an extent. Small towns like Oakdale, Imperial, Penn Hills etc will be hit hard. But they have been for years this isn’t new, but under the last administration all they talked about was record highs in stocks."
"The difference is in the past the gov would spend money to help them get through it," Cuban then replied. "That won't happen these days."
