Billionaire Mark Cuban took to Twitter on Sunday to promote a new plan to stimulate the economy during the COVID-19 pandemic. In a series of tweets, the Dallas Mavericks owner broke down an idea he calls “trickle-up economics.”
The Billionaire investor proposed a $1,000 every two weeks for the next two months that Americans would be obligated to spend in 10 days otherwise the money would be returned to the Federal Government.
“This ‘Use it or Lose it’ program would cost about $500b but it would allow for demand of non-essential products and services to increase hopefully keeping most businesses alive,” Cuban said on social media.
In the Twitter thread Cuban also proposed federal job training for tracking, tracing, and testing for the coronavirus as well as support for the at-risk populations.
Cuban’s economic plan comes after what he believes was the failed paycheck protection program or PPP that paid out billions of dollars to small businesses in hopes to limit the amount of laid off and furloughed workers.
“It’s time to face the fact that PPP didn’t work… no amount of loans to businesses will save them or jobs if their customers aren’t buying,” Cuban posted. The Shark Tank celebrity added that no one is to blame for the failed PPP.
Cuban may not be a politician, but in a time where businesses are in need of prominent voices, perhaps a very successful investor like the Shark Tank star have more pull as the government tries to mend the fractured economy.