New Stimulus Money for the 4th Quarter

Friday, October 2nd, 2020

With countless people unemployed and more businesses closing each day, the economic recovery will be very strained if we do not get the needed stimulus money for these people who have lost the ability to work or who have their business closed.

With Congress still thinking about what to do and not likely to have a deal before the election we need to figure out a way to get the needed money into the people’s hands.

We have two situations currently in our economy, those who can afford to live, and those who are struggling to stay in their home and pay bills.

The thing we can do to help people who are not struggling but do not want to touch nest eggs is to use the financial resources at their disposal, such as term loans or business credit cards. The people that need help should receive allotted money like around $2,000 monthly until the end of the year to get them through the 4th quarter to help pay bills and keep their homes. This idea was widely supported by Marc Cuban, the entrepreneur, and owner of the Dallas Mavericks.

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The idea that Cuban floated was if the families get the money it’s a “use or lose it” approach. They must spend the money within 10 days of receiving it for bills or other items to put back into the economy. The idea is to stimulate the economy on all fronts.

The people that have been receiving the stimulus and unemployment benefits have not been spending the money rather saving for just in case. This has slowed the economy down a bit so the next stimulus should be tied to spending. This can be measured allowing the dollars to be digitally used like a credit card issued by the US Government.

The key thing is to keep people that are working at these local businesses employed and then it will also stimulate the economy to grow in the 4th quarter and beyond.

The people working from home with higher credit scores can get available credit from a loan or a credit card to help them make ends meet, but people that have credit scores below 650 have a much harder time accessing additional funds to keep their families afloat if they can’t meet a bill or an obligation like a mortgage payment.

Marc Cuban’s idea is a smart idea to investigate and pursue through the right channels within Congress and in time will basically float the idea of Universal Basic Income for the future by allocating the digital dollars through a US Government-backed credit card.

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