With the Gottesman-Kitaev-Preskill (GKP) encoding, Clifford gates and error correction can be carried out using simple Gaussian operations. Still, non-Clifford gates, required for universality, require non-Gaussian elements. In their original proposal, GKP suggested a particularly simple method of using a single application of the cubic phase gate to perform the logical non-Clifford T gate. Here we show that this cubic phase gate approach performs extraordinarily poorly, even for arbitrarily large amounts of squeezing in the GKP state. Thus, contrary to common belief, the cubic phase gate is not suitable for achieving universal fault-tolerant quantum computation with GKP states.