Billionaire sports owner Mark Cuban is advocating for a dramatic increase in the economic aid the federal government is providing to Americans during the coronavirus pandemic.
The owner of the NBA’s Dallas Mavericks told CNBC in an interview that every household in the country should receive a $1,000 stimulus check every two weeks until December, saying that many Americans “are struggling badly.”
Cuban said that there are “two economies” right now: one of people who have been able to get by under the new Covid-19 reality, and one that has been brought to its knees.
“We need to get them help,” he said.
Under Cuban’s plan, which he first proposed in May, all households would receive a $1,000 check every two weeks, and have only 10 days to spend the money. What individuals decide to spend it on doesn’t matter, Cuban said, as long as it goes back into the economy.
“The whole goal is to get that money every two weeks into the economy,” he 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.”
Congress has been deadlocked for weeks on another large-scale spending package to support the pandemic-battered economy. The House of Representatives passed a bill Tuesday that’s expected to avert a government shutdown but only included a handful of economic support measures, such as a continued boost for food stamps.
Nearly 62 million Americans have applied for unemployment benefits since March — a figure equivalent to more than 38 percent of the nation’s workforce.