Mark Cuban calls for households to receive two $1,000 stimulus checks per month
Dallas Mavericks owner Mark Cuban said Wednesday that American households should receive two $1,000 stimulus checks per month for the next two months.
Cuban first proposed the idea in May and maintained the same notion that “those without [help] are struggling badly,” as he told CNBC. “We need to get them help.”
The coronavirus pandemic has brought devastating outcomes to many families struggling to provide for themselves and loved ones as the national unemployment average remained above 10.2 percent from March until recent reports from August show it fell to 8.4 percent, the Bureau of Labor Statistics reported.
In addition, because this will take time, we need to consider an interim spending stimulus program. All 128m households could get a $1k check every 2 weeks for the next 2 months that MUST BE SPENT WITHIN 10 DAYS OF RECEIPT OR IT EXPIRES. This “use it or lose it” prog will
— Mark Cuban (@mcuban) May 17, 2020
Cuban said he believes providing households with funds to spend within 10 days could help stimulate local economies and business demands while dampening the strain of potential losses the pandemic caused for families.
He emphasized the main caveat would be only allowing the funds to be spent within ten days, further underscoring the boost the measure would have on the economy if an estimated 128 million households are granted $1,000 every two weeks.
While many states that opted for fewer pandemic restrictions are on their way back into a recovering economy, cities and larger metropolitan areas are having a hard time regaining economic stability.
A recent NPR-Harvard T. H. Chan School of Public Health-Robert Wood Johnson Foundation poll reported households in larger cities like New York City, Los Angeles, Chicago and Houston are struggling to pay bills amid the pandemic.
“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,” Cuban said.
As part of the CARES Act, the Trump administration offered a one-time $1,200 stimulus check to qualifying Americans in April to alleviate some economic strain the pandemic caused.
Congress is currently at odds over a new coronavirus relief package, and it remains unclear if or when a new plan would be approved before Election Day.
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