Mark Cuban says it is time to focus on a plan to get people back to work.
The Dallas Mavericks owner proposed the creation of a “transitional” federal jobs program that would hire unemployed Americans to work as contact tracers.
He tweeted his idea after saying the Paycheck Protection Program didn’t work as it was intended to.
“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,” Cuban tweeted.
In his next tweet, he calls for the federal jobs program.
“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,” he wrote.
The entrepreneur then said the government should discuss distributing another round of direct stimulus payments. He suggested that $1,000 payments go out every two weeks with a caveat: the money must be spent within 10 days of receipt to spark the economy.
He estimates his "use it or lose it" plan would cost about $500 billion, “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.”
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