Billionaire Mark Cuban has a clear vision about the kind of stimulus checks the American people should be getting amid the coronavirus pandemic.
In an interview with CNBC, the “Shark Tank” investor said that households, regardless of income, should get $1,000 stimulus checks every two weeks for the following two months to boost the economy.
He explained that the reality is that “two economies” currently exist: those who can pay their bills and those who can’t.
“Those without [help] are struggling badly,” he said, adding, “we need to get them help.”
His vision hinges on the “use it or lose it” approach that would require families to spend the money within 10 days in order to stimulate the economy.
“Once businesses start having demand, even if they’re closed and working online, then there is a reason for them to be able to bring back employees and retain those employees if demand is sustained,” he suggested.
He proposed the same idea back in May and said he still stands firmly behind it. At the time, he told KNX 1070 News Radio, “I don’t care what they spend it on,” adding, “it could be candy, it could be rent, it could be their mortgage, it could be anything they deem necessary or that they want.”
The owner of the Dallas Mavericks is aware of the cost associated with his plan.
“There is certainly a lot of risk in this use it or lose it approach,” he acknowledged in a tweet back in May. “But it will allow for demand for non-essential products and services to increase, hopefully keeping most businesses alive.”
As a result of the pandemic, nearly 13 million Americans are unemployed, while businesses have been forced to shut down either temporarily or permanently.
But the government has found itself at an impasse when it comes to stimulus checks, despite pleas from experts who believe another round of checks is necessary.
More than 150 of the country’s top economists published a letter under the Economic Security Project in July arguing for ongoing payments. “Direct cash payments are an essential tool that will boost economic security, drive consumer spending, hasten the recovery, and promote certainty at all levels of government and the economy — for as long as necessary,” the letter wrote, per FOX8
Americans received a one-time payment of $1,200 back in March as part of the CARES Act.