Billionaire owner of the Dallas Mavericks Mark Cuban took to Twitter on Sunday to criticize the Small Business Administration’s Paycheck Protection Program and offered up what he thinks should happen next to help save the economy.
First up, we “need to face the fact that PPP didn’t work”:
It's time to face the fact that PPP didn't work. Great plan, difficult execution. No one's fault. The only thing that will save businesses is consumer demand. No amount of loans to businesses will save them or jobs if their customers aren't buying.
— Mark Cuban (@mcuban) May 17, 2020
And he wants a federal jobs program for contact tracers:
It's time for trickle up economics. We need a transitional fed jobs program that trains and hires millions for a federal tracking/tracing/testing program as well as for support for at risk populations including long term care. We need to dent unemployment with stable jobs
— Mark Cuban (@mcuban) May 17, 2020
Recommended
But this new tracing bureaucracy will take time so in the interim he wants checks to go out to everyone. The catch, here is that the checks need to be spent within 10 days of receipt:
In addition, because this will take time, we need to consider an interim spending stimulus program. All 128m households could get a $1k check every 2 weeks for the next 2 months that MUST BE SPENT WITHIN 10 DAYS OF RECEIPT OR IT EXPIRES. This "use it or lose it" prog will
— Mark Cuban (@mcuban) May 17, 2020
He thinks this would keep businesses alive:
Cost about $500b, but it will allow for demand for non essential products and services to increase, hopefully keeping most businesses alive, as we learn what the impact of re-opening is on the spread and whether or not employment grows organically.
— Mark Cuban (@mcuban) May 17, 2020
So, thoughts?
There is certainly a lot of risk in this use it or lose it approach. A lot to be considered. But it could be patterned after @USDirectExpress. Let me know your thoughts
— Mark Cuban (@mcuban) May 17, 2020
As for what people think, here are a few comments that we’ve seen:
I’m a big fan of @mcuban and enjoy his ideas often but this one is just wrong.
— Jeremy Frankel (@FrankelJeremy) May 17, 2020
This million-man tracing force. . .how does that actually work?
Looks like Cuban has gone opposite of @elonmusk and decided to take the blue pill, calling for millions of government jobs as contact tracers. Disgusting. @mcuban your true colors have shown during this pandemic and hardworking Americans will not forget. ???? https://t.co/4c0puywMve
— Jake Coco (@jakecoco) May 17, 2020
And how do you just end a bureaucracy of this size?
No permanent surveillance state. Fear is driving your proposals here. No reason to believe any containment can be achieved even with multi-trillion $ proposals.
If u want to create a contact tracer army, u can foot the bill. I don't want my tax dollars going into this insanity.
— Jordan Schachtel (@JordanSchachtel) May 17, 2020
And he needs to think through the entire idea:
Sure, but say I need something that costs more than $1000. You’re preventing me from holding on to any of that money to add it to the next check.
Terrible idea. As usual.https://t.co/ejIb8tse2Z https://t.co/QXyqZItmxN
— Steve Cox (@RealSteveCox) May 17, 2020
So can we buy gift cards with the money? How exactly would the government even check?
Looks like @mcuban is on board with Emergency UBI now, as long as we add the condition that it must be spent within 10 days.
Let's talk about that for a bit. That condition makes some sense, right? No, it doesn't. Imagine enforcing that. Imagine all the way of getting around it. https://t.co/HNWpevnbUF
— Scott Santens? (@scottsantens) May 17, 2020
He’s put it out there, now let’s see what comes of it:
I’d like to have you on my radio show @mcuban. We don’t often agree but I’d like to have the audience hear from you. Of interested send a DM. Thanks. https://t.co/hIZxhwgZc0
— Hugh Hewitt (@hughhewitt) May 17, 2020
***
