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.
One of the things as a consultant for National Credit Corporate is to provide all ideas and channels to help all people, customers or not. Our goal is to be a beacon for great financial news and consulting. If you would like to see if you qualify for one of our programs you can apply, and we will get you a response within 24 hours or less to help you. We appreciate you reading and hopefully, we can help you in the future.
Life is gives you opportunities, take the opporuntity and run with it, we will have your back always. At National Corporate Credit, we are one family and want all of our clients to succed. Let’s start today.