American billionaire and entrepreneur Mark Cuban has raised serious concerns about former President Donald Trump’s latest economic plans, warning that they could lead the United States into a crisis even deeper than the 2008 recession.

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In a series of posts on the social media platform Bluesky, the Shark Tank star Mark Cuban said that Trump's new aggressive tariff policies, combined with federal workforce cuts led by the DOGE office, could do lasting damage to the US economy.

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 "If these tariffs stay for years and are inflationary, and DOGE keeps cutting and firing people, we’ll be in a far worse situation than 2008," Cuban said.

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What’s behind Cuban’s warning?

The Trump administration recently announced a wide set of tariffs on imported goods, aiming to protect domestic industries. However, these tariffs could raise prices on essential items like food, clothes, and cars, leading to inflation and reduced consumer spending.

At the same time, the DOGE office (a federal agency focused on government reform) has been cutting jobs in key agencies like the Consumer Financial Protection Bureau and the IRS’s tax evasion unit, raising concerns about weakened oversight and reduced tax revenue.

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While President Trump has admitted there may be "a little pain" in the short term, he insists the plan will make America stronger in the long run. On Saturday, he posted on Truth Social:  

Markets react as fears grow

Following the announcement of the new tariff plan, the stock market took a sharp dip, and many Americans began stockpiling essential goods while cutting back on luxury spending. Economists and trade experts have warned that the plan could lead to higher import costs, making everyday items more expensive.

A top economist at JPMorgan Chase even issued a note titled "There Will Be Blood,"increasing the chances of a global recession from 40 per cent to 60 per cent.

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Why this matters: Lessons from 2008

The 2008 financial crisis was one of the worst economic downturns in US history. During that time, GDP fell more than 4 per cent, unemployment hit 10 per cent, and the housing market collapsed.

Cuban’s warning suggests that the current mix of trade protectionism and government downsizing could repeat or even worsen that scenario.

While Cuban didn’t explain all the connections in detail, experts say weakening consumer protections and reducing tax enforcement could hurt middle and working-class Americans the most.