The billionaire investor says additional stimulus for Americans is just as paramount as it was at the start of the pandemic, claiming there are “two economies”, in which some are able to pay their bills and others cannot.
Cuban suggests a “use or lose it” approach where Americans would have to spend the funds within 10 days or they would lose the money. The approach is rooted in promoting spending to help stimulate the economy.
“The whole goal is to get that money every two weeks into the economy,” Cuban said. “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.”
But with Congress in a stalemate, there are no signs that American households will be receiving a second wave of stimulus anytime soon.
Cuban joins the ranks of public figures who have called for providing more stimulus to Americans in the form of universal basic income, or UBI. The concept of universal basic income is a regular paycheck for all adult Americans, regardless of income and employment.
The idea was first piloted by Mayor Michael Tubbs of Stockton, California, in February 2019. The project known as the Stockton Economic Empowerment Demonstration (SEED) provided Stockon residents with $500 a month for 18 months.