Latest news with #RedRuralRecession
Time of India
2 days ago
- Business
- Time of India
Mark Cuban predicts painful red rural recession — here are 4 states he says should brace for economic fallout
Billionaire entrepreneur and Shark Tank co-host Mark Cuban is warning of tough times ahead for people of rural America , as per a report. In a recent post on the social media platform BlueSky, Cuban predicted what he's calling a 'Red Rural Recession', which is a looming economic downturn he believes will hit Republican-leaning rural states the hardest if US president Donald Trump's federal budget cuts continue, according to GobankingRates report. Mark Cuban's Warning According to Cuban, the small towns are being disproportionately impacted by 'firings, cancelling of grants and contracts with companies, the closing of offices,' quoted GoBankingRates report. His warning comes amid growing concern that budget cuts coming through the Department of Government Efficiency (DOGE) may be affecting the people that voted for Trump to come back to power. ALSO READ: Dutch government collapses - 10 points you need to know Here are four states Cuban says are especially vulnerable to the fallout, as compiled by GobaningRates: Live Events 1. West Virginia This state relies heavily on federal support, almost half of its annual budget comes from Washington, as per the report. But this year, the Trump administration slashed $500 million in funding for food banks that was supposed to come through the Local Food Purchase Assistance Cooperative Agreement Program, as per a Reuters report. According to GobankingRates, a big government spending bill passed in March also left West Virginia without about $109 million in funds that were sought by the state's congressional delegation. 2. Leavenworth, Kansas The state is going through a similar condition once again, as Kansas took a major hit during Trump's previous trade war, and now a $750,000 federal agricultural grant meant to support farm expansion is reportedly stalled, according to the Washington Post. To make matters worse, the administration has reduced $1 billion from two key programs that helped supply locally sourced produce and meat to schools and food banks across the country, reported GoBankingRates report. 3. Pennsylvania According to the report, much of Pennsylvania is rural, especially in the western and southwestern regions. These areas have been impacted by cancelled federal funding as the Environmental Protection Agency pulled at least $2 million in grants meant for community-based efforts like air and water quality monitoring and food security initiatives, according to Axios. 4. Kentucky Kentucky also gets close to half of its annual budget from federal dollars, as per Reuters. But the proposed federal budget cuts will hamper many programs like SNAP and Medicaid, plus environmental and clean energy funding, that are important to rural counties, reported GoBankingRates. FAQs What is the " Red Rural Recession " Mark Cuban is talking about? It's a term Cuban is using to describe a potential economic downturn in rural, Republican-leaning areas if Trump's government budget cuts continue. Why does Cuban think rural towns are at risk? He says small towns are being hit with job losses, canceled grants, and office closures, making life harder for already struggling communities.
Yahoo
4 days ago
- Business
- Yahoo
Mark Cuban Warns of ‘Red Rural Recession' — 4 States That Could Get Hit Hard
Billionaire and Shark Tank co-host Mark Cuban recently shared on social media platform BlueSky that there will be a 'Red Rural Recession' soon — his term for what could happen to rural, Republican-leaning states if President Donald Trump's government budget cuts continue. Read More: Find Out: Cuban claims that small towns are being disproportionately impacted by 'firings, cancelling of grants and contracts with companies, the closing of offices.' Here are four states that could be the most affected by DOGE budget cuts: Small agricultural businesses are struggling and waiting for grant funds that have supported them for decades. According to Reuters, West Virginia receives nearly half of its annual budget from federal dollars, but Trump cut $500 million this year to food banks that was due to be provided through the Local Food Purchase Assistance Cooperative Agreement Program. Furthermore, a major government spending bill enacted on March 15 has led to West Virginia organizations not getting almost $109 million in funds that were sought by the state's congressional delegation. Kansas was one of the hardest hit states for agriculture during Trump's last trade war. A $750,000 federal agricultural grant is currently disrupting farm expansion plans, the Washington Post reported. The Trump Administration also abruptly cut $1 billion from two programs that supplied local produce and meat to schools and food banks across the country. Western and southwestern Pennsylvania are largely rural. The Environmental Protection Agency canceled at least $2 million in grants in the southwestern area of the state, per Axios. These funds were intended for community-led efforts such as air and water quality monitoring and food security. Kentucky receives nearly half of its annual budget from federal dollars, noted Reuters. Proposed federal budget cuts threaten many programs, including SNAP and Medicaid, plus environmental and clean energy funding, that are integral to rural counties. More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on Mark Cuban Warns of 'Red Rural Recession' — 4 States That Could Get Hit Hard
Yahoo
31-03-2025
- Business
- Yahoo
Mark Cuban Warns Of 'Red Rural Recession' As Hundreds Of Small Town MAGA Supporters Reportedly Lose Federal Jobs: 'Their Finances Will Be Turned Upside Down'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Billionaire entrepreneur and investor Mark Cuban voiced concerns over a potential economic crisis brewing in rural America, dubbing it the 'Red Rural Recession'. Cuban, in a post on BlueSky Social on Friday, warned of a possible recession in rural America, attributing it to the ripple effects of extensive budget cuts, layoffs, and the termination of grants and contracts, which are disproportionately affecting smaller towns, cities, and states. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum. The $1.3 billion startup investment boom: How this company's explosive growth is opening doors for everyday investors with a new $500 minimum This warning comes amid a thorough examination of economic policies and fiscal decisions, especially in politically conservative 'red' regions that often heavily depend on federal and state support to maintain their local economies. Cuban suggests that the 'Red Rural Recession' could be imminent if the current trend of cuts persists. 'Red' states, predominantly Republican-leaning, have historically endorsed policies favoring deregulation and reduced government spending. However, Cuban's critique indicates a paradox: the very policies advocated by these regions' leaders could now be hastening their economic downfallMark Cuban reiterated the warning of a 'Red Rural Recession' in a following post after CNN highlighted stories like that of Jennifer Piggott, a self-proclaimed 'MAGA junkie' from a red-voting city in West Virginia. Piggott, along with 124 other probationary civil service workers, was let go from the Treasury Department's Bureau of Fiscal Service, leading to a significant blow to the local economy. The Bureau, which employs around 2,000 people in a city of 29,000, was severely impacted by these layoffs. Despite a federal judge's order to reinstate the fired employees, the Donald Trump administration appealed to the Supreme Court, leaving these individuals in a state of uncertainty. Rural areas, typically characterized by smaller populations and limited industrial diversity, are particularly susceptible to disruptions in government funding and employment. The shutdown of federal or state offices, or the termination of contracts with local businesses, could result in immediate job losses, dwindling tax revenues, and financial turmoil in entire communities. Cuban had previously questioned the motives of the Elon Musk-led Department of Government Efficiency (DOGE), saying, 'But this isn't a corporate turnaround. This is the United States of America.' Read Next: Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share! Image via Shutterstock This article Mark Cuban Warns Of 'Red Rural Recession' As Hundreds Of Small Town MAGA Supporters Reportedly Lose Federal Jobs: 'Their Finances Will Be Turned Upside Down' originally appeared on
Yahoo
31-03-2025
- Business
- Yahoo
Mark Cuban Warns Of 'Red Rural Recession' As Hundreds Of Small Town MAGA Supporters Reportedly Lose Federal Jobs: 'Their Finances Will Be Turned Upside Down'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Billionaire entrepreneur and investor Mark Cuban voiced concerns over a potential economic crisis brewing in rural America, dubbing it the 'Red Rural Recession'. Cuban, in a post on BlueSky Social on Friday, warned of a possible recession in rural America, attributing it to the ripple effects of extensive budget cuts, layoffs, and the termination of grants and contracts, which are disproportionately affecting smaller towns, cities, and states. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum. The $1.3 billion startup investment boom: How this company's explosive growth is opening doors for everyday investors with a new $500 minimum This warning comes amid a thorough examination of economic policies and fiscal decisions, especially in politically conservative 'red' regions that often heavily depend on federal and state support to maintain their local economies. Cuban suggests that the 'Red Rural Recession' could be imminent if the current trend of cuts persists. 'Red' states, predominantly Republican-leaning, have historically endorsed policies favoring deregulation and reduced government spending. However, Cuban's critique indicates a paradox: the very policies advocated by these regions' leaders could now be hastening their economic downfallMark Cuban reiterated the warning of a 'Red Rural Recession' in a following post after CNN highlighted stories like that of Jennifer Piggott, a self-proclaimed 'MAGA junkie' from a red-voting city in West Virginia. Piggott, along with 124 other probationary civil service workers, was let go from the Treasury Department's Bureau of Fiscal Service, leading to a significant blow to the local economy. The Bureau, which employs around 2,000 people in a city of 29,000, was severely impacted by these layoffs. Despite a federal judge's order to reinstate the fired employees, the Donald Trump administration appealed to the Supreme Court, leaving these individuals in a state of uncertainty. Rural areas, typically characterized by smaller populations and limited industrial diversity, are particularly susceptible to disruptions in government funding and employment. The shutdown of federal or state offices, or the termination of contracts with local businesses, could result in immediate job losses, dwindling tax revenues, and financial turmoil in entire communities. Cuban had previously questioned the motives of the Elon Musk-led Department of Government Efficiency (DOGE), saying, 'But this isn't a corporate turnaround. This is the United States of America.' Read Next: Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share! Image via Shutterstock This article Mark Cuban Warns Of 'Red Rural Recession' As Hundreds Of Small Town MAGA Supporters Reportedly Lose Federal Jobs: 'Their Finances Will Be Turned Upside Down' originally appeared on
