Shark Tank star Mark Cuban has been promoting a generous stimulus check plan to send $1,000 to qualifying Americans biweekly, and social media is behind him. The billionaire investor is frustrated with the lack of action over the economic recession caused by the coronavirus pandemic. As Cuban grows more outspoken, so do his followers.
Cuban outlined his idea in an interview with CNBC, explaining that he wants a conditional stimulus check sent to American families every other week for at least two months. Recipients would then have just 10 days to spend that money, providing an immediate and tangible boost for the local economy. Cuban proposes sending these $1,000 checks to everyone, regardless of income, for the good of the market as a whole. He believes this would have positive ripple effects on everything from housing prices to employment.
"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 explained.
Cuban's idea is unique for its time limit and its focus on the market, not the individual in need, but it is still not precisely new. In fact, multiple bills for a monthly stimulus check have made it to the U.S. Congress, but none have garnered sufficient support for a vote. Both the House and the Senate entertained bills for a $2,000 per month stimulus check, and Americans were on board, but it never went further than that.
However, with the lack of any progress on stimulus negotiations over the last few weeks, many Americans feel frustrated and hopeless. Cuban's outsider proposal has reinvigorated the conversation in some areas. Here is a look at how social media is responding to his ideas.
Turn the Tables
Let’s try “use it or lose it” for billionaires instead and every billion they don’t spend goes to the rest of us. https://t.co/LU4ZFMSfcJ— Nick Martucci (@BlunderingIdiom) September 27, 2020
Why Mark Cuban?
It shouldn't take Mark Cuban talking about a version of UBI for Democrats to consider signing on.
Will it work?
Of course it f*cking will because (and listen carefully)
If money isn't flowing then the economy is predestined to tank.— Working in Healthcare Radicalized Me 🏥 (@Pondipper) September 24, 2020
maybe this is just a guy who got lucky making a baseball video website and not some kind of super genius https://t.co/zc8yPAHaIF— anonymous account (@jackallisonLOL) May 19, 2020
Southern states will hate this idea, especially a Governor like Tate Reeves, that's why I like this idea even more! LOL!!!! https://t.co/N9OSXu9Zow— DonJuan The Boy Wonder 🇧🇸 🇮🇪 🇬🇧 🇪🇸 🇺🇸 (@BoiJuanda) May 19, 2020
Well that's kind of silly,I get it but realistically...IDK? Because if anything Americans learned from this pandemic, is wishing they had that rainy day fun. Given what this year has been like, I'd be putting that money aside in savings. I can see a few problems arise from this.— Cutiful Princess (@MotherWarnedU) September 24, 2020
This would be an excellent use of JPMCoin. Get money that programatically must be spent.
(All seriousness though, I don't see how this is workable. If I wanted to save the money, I'd just buy something that can easily be resold. Or buy something from a friend/they buy from me) https://t.co/6gk07hZC7l— Joe Weisenthal (@TheStalwart) May 18, 2020
.@mcuban is going full Keynesian Bitcoin Accelerationist. He wants to use the State to force hyperbitcoinization as quickly as possible through massive monetary stimulus programs. https://t.co/dmo9HlQr33— Michael Goldstein (@bitstein) May 18, 2020
He’s aware people could buy things they could easily sell, right? https://t.co/WiaoB1VA4P— Joe Lamour 🇭🇹🏳️🌈 (@lamour) September 27, 2020
Yeah this is just plain stupid. If forced to spend an extra $2000 a month I’d prob just buy a new guitar every other week. I can always resell later if I need.— BG (@gossbk) May 18, 2020
I love Mark Cuban, but since we need this in a crisis to help individuals and stimulate the economy why not recognize the wisdom of this as policy? Enact Andrew Yang’s Universal Basic Income now. https://t.co/MtnjbsDSgL— Stan Van Gundy (@realStanVG) September 26, 2020
Mark Cuban is advocating for a temporary universal basic income.
I'm reminded of a credit exec that once said poor people don't default at a higher rate in recessions, because they're always in a personal recession.September 24, 2020