While the onslaught of COVID-19 continues, millions of Americans await the second round of stimulus checks. Recent reports from Washington DC suggest that a $2 trillion coronavirus relief bill is on the way. However, Mark Cuban insists that every American household needs to revive a bi-weekly stimulus package worth $1K until November.
Mark Cuban, a billionaire investor, said that every American deserves to be able to pay their bills. He further said that the county has two opposing economies, one is for the rich folks, the other consists of citizens who cannot afford to pay even their rents.
While speaking with CNBC, Cuban further emphasized the need for a bi-weekly Stimulus Checks of $1K. He said that the government needs to do all it can to help the neediest. While the idea is to help Americans live a comfortable life, Cuban’s idea is also based on reviving the US economy.
Bi-Weekly Stimulus Checks To Revive The US Economy
Elaborating on the idea further, Mark Cuban informed media sources that stimulus money recipients will be encouraged to spend stimulus money within the next ten days of receiving the money. He further said that the eligible recipients can either choose to use the money or to lose the money.
This means that the recipients will have to use the 1K stimulus money within ten days. So, instead of hoarding money, the stimulus money will be circulated in the market, which will help revive the US economy.
And because the recipients will be financially secure, they will want to spend more. Cuban further explained that the bi-weekly stimulus checks will also help increase the percentage of employment by increasing demand in the market. Businesses will slowly start to open up, call their laid-off employees, and even hire more if needed.
Second Stimulus Package By First Week Of October?
Just yesterday, it was reported that Nancy Pelosi and Treasury Secretary Mnuchin have decided to resume their coronavirus relief bill talks. As per reports, Nancy Pelosi is planning to pass a $2 trillion stimulus package by the first week of October before the House goes into recess. This means people could receive their stimulus checks before the November presidential elections.
However, since the stimulus package price tag is substantially higher than what the Republicans proposed earlier, it’s possible that this coronavirus relief bill will be shut down.
The bi-weekly stimulus checks worth $1K has been inspired by Andrew Yang’s UBI or Universal Basic Income. This concept states that all adult Americans deserve to revive a universal basic income of $1K irrespective of employment or income.
Last week, a bipartisan caucus had also joined hands to pass a bipartisan stimulus plan. With many contestants in the arena, it looks like the second wave of stimulus checks is on the way.