Mark Cuban had already spoken about how the Paycheck Protection Program was just not working in the face of such economic recession, all the way back in May. And as the year seems to go by, we are reminded of how much of a risk we took by not stepping up with ‘trickle-up economics’- something that would have actually protected the small businesses. With lockdown affecting the economy, he has again mentioned how the Government ought to fill everyone’s pockets immediately, instead of waiting for the storm to pass.
Mark Cuban’s ‘Use it Or Lose It’ To Help Rejuvenate the Economy
He had hit upon an idea which established a stimulus program for close to 128 million households. The idea was that all these households would be getting a check of $1000 every two weeks for two months- something they had to spend within ten days. For, saving it for later simply wouldn’t help the economy. While his plan didn’t see the light of the day back then, one can’t help but see how his plan could actually work now. With the negotiations on a halt for the next stimulus check, Mark Cuban has mentioned how important it is for them to bring the economy back on the correct track.
Since the number of unemployed people keeps rising, Mark Cuban spoke about how America had turned into a country with two economies- one that could stay abreast even under such financial crisis, while the other- which simply couldn’t. The second economy needs help, and they need it now. In an interview with CNBC, he spoke about how his idea could actually land the country on its feet. Every American had to be a part of the ‘use it or lose it’ scheme. They could spend it on anything they deemed fit. It could be their rent, it could be a mortgage, it could be candy- whatever seemed necessary.
Why is Mark Cuban’s Idea So Necessary in the Current Economy?
Most of the trading associations at Wall Street have been biting their nails in anxiety as Congress refuses to put in extra funding to save the economy. With their refusal, most of the stocks have been facing immense pressure- with some as recent as the previous week. Although there is a silver lining with Dow Jones Industrial Average reaching a rebound of triple-digits, the economy seems to be in shambles. Maybe it is time that Mark Cuban’s idea was given some thought.